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By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm

At this time of year, creditors sometimes accelerate out what is alleged a Anatomy 1099-C. They email it to the Internal Revenue Service (IRS) and archetype the being who owes them debt. The anatomy tells the IRS that they, the aggregation who is owed the debt, has approved (unsuccessfully) to aggregate and the contributed debt is now “written off.”

Seniors are generally told by their tax preparers that they now accept to pay taxes on the debt absolute in the 1099-C, as it is now advised assets they received. This is about consistently NOT the case and I convulse to anticipate of all the taxes that accept been paid because of a 1099-C back it wasn’t necessary.Often, you don’t accept to pay if you apperceive what to do.

The aphorism is that to the admeasurement a being is insolvent, acceptation their debts beat their assets, they DO NOT OWE TAX. IRS Anatomy 982 — Reduction of Tax Attributes Due to Discharge of Indebtedness — can be filed with a tax return, application row 1b of the anatomy to address that the chief is bankrupt and accordingly clumsy to pay tax.

Sometimes seniors balloon about assertive debts they still owe because the debt is old or otherwise. Some seniors may additionally aggrandize the amount of their assets. Seniors who don’t book

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