Do I base insolvency on when I received the 1099-C, Jan 2010 ? Or when the debt was cancelled, May 2009 ?
thanks
- posted
14 years ago
Do I base insolvency on when I received the 1099-C, Jan 2010 ? Or when the debt was cancelled, May 2009 ?
thanks
It's based on the date of the cancelation. If you have multiple cancelations, figure the extent of insolvency for each one. IRS Publication 4681 has a worksheet you can use.
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