Diane Posted April 24, 2009 Report Share Posted April 24, 2009 1099-C for COD on credit card. Bankruptcy box is checked. I'm going for non-taxable. I have to fill out Form 982 and check the appropriate box. But, I also read that if there is a NOL carryover from the prior year, that I have to reduce the NOL by the amount of non taxable canceled debt. Am I on the right track? Diane Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 25, 2009 Report Share Posted April 25, 2009 Yes. Quote Link to comment Share on other sites More sharing options...
Diane Posted April 25, 2009 Author Report Share Posted April 25, 2009 Thank you. Sometimes you need to know that you are going in the right direction. Diane Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 25, 2009 Report Share Posted April 25, 2009 We all need that from time to time. Besides, no matter how knowledgeable we may be, sometimes we just overlook a detail, which, given the incredible complexity of the current tax code, makes the 'logical' answer the wrong one. I'm sure not perfect, nor do I know anyone else who is. [Although Ralph Weintraub comes darn close.] Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.