I filed for Chapter 7 bankruptcy last year. However, I didn't receive a Form 1099-C and Form 882. How do I report the bankruptcy on my return?
Filing Chapter 7 bankruptcy creates a bankruptcy estate. A bankruptcy estate is a taxable entity separate from you. If you exclude cancelled debt from your gross income, you must apply it to the bankruptcy estate as a reduction in tax attributes.
The trustee of the bankruptcy estate decides which to do first:
- Reduce the basis of depreciable property.
- Reduce other tax attributes. Adding a Form 1099-C and Form 982, which are used as a Cancellation of Debt and Reduction of Tax Attributes, respectively, might affect your return. Contact the trustee of the bankruptcy estate or your Chapter 7 bankruptcy attorney to find out.
As an estate executor, it's important to know which tax form you'll need for an open estate. Learn more from the tax experts at H&R Block.
Here's a list of tax documents you'll need to file this year's return. Get ready to file your taxes with H&R Block.
Learn what to do if you did not receive a W2 with help from the tax experts at H&R Block.
Learn more about investment amounts realized on IRS Form 1099-B and get tax answers at H&R Block.