How to Determine Whether You are Solvent or Not with IRS Insolvency Worksheet
Channel: TaxGuide101
Date: 2024-02-05

We will go over all the items listed on Form 1099-C, including dates, amounts, and codes, as well as go through a couple of examples of when the cancellation of credit card debt could be excluded as additional income when you are considered insolvent. 

We will go over the insolvency calculatio.


———————————LINKS—————————————————
IRS 1099-C: 
https://www.irs.gov/forms-pubs/about-form-1099-c

Publication 4681
https://www.irs.gov/pub/irs-pdf/p4681.pdf

Investopedia: 
 https://www.investopedia.com/form-1099-c-understanding-your-1099-c-form-4782275

Student Loan Debt Exception:
https://shorturl.at/enqDV

Free for Viewers of this Video - Insolvency Worksheet:
https://rebrand.ly/IRS-Insolvency-Worksheet

#taxguide101  #akistepinska

——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional. 

The information in this video is based on current tax law and IRS regulations as of the date of publication and is subject to change.