Hey everyone thanks for listening to the video my name is Bob Babinski and I see it's, and we work with taxpayers with tax issues including tax preparation and planning for both businesses and individuals, and we help taxpayers our specialty is helping taxpayers who have IRS problems we're located in Richardson Texas which is right outside of Dallas Fort Worth, but we help taxpayers throughout the nation with IRS issues this is the third in a series of videos that's on cancelled debt forgiveness, and today we're going to cover the insolvency exclusion so just an overview of everything. If you had a loan if somebody lent you money or business lent you money such as a bank or a mortgage company and that debt was forgiven it becomes income to you the borrower for the full amount the lender is typically going to send you a form 1099 C, and you're going to report it on your form 1040 under other income. There are some situations where that doesn't have that's not completely true one of them is an excludable amount from taxable gross income in that case you're gonna actually report it on your tax return, and then you're going to get an exclusion that's going to be calculated on Form 982 and then there are exceptions that we covered last week in which it is just not considered to be income. There's something about the type of item, and we went over some of the more educational type loans were special circumstances occur with it and so on. You know maybe it was turned into a gift or a part of an inheritance or so on, so there are certain exceptions today we're going to cover. We are going to cover the insolvency exclusion one way...
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About Insolvency Worksheet Form
The Insolvency Worksheet Form is a document used to determine if a taxpayer is insolvent at the time a debt is cancelled or forgiven. When a taxpayer is insolvent, their liabilities exceed the fair market value of their assets. This form helps calculate the amount of debt that can be excluded from taxable income under certain conditions. The insolvency worksheet form is required by individuals who have had their debts cancelled or forgiven and want to determine if they qualify for the insolvency exemption. This exemption applies to cancelled debt that exceeds the taxpayer's total assets, liabilities, and net worth. A taxpayer must complete this form to show the IRS that they were insolvent at the time the debt was forgiven or cancelled. The form is filed with the taxpayer's tax return for the year the debt was cancelled or forgiven.
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