If you received a 1099-C from a creditor, you have had cancellation of debt in the past year. Any unexpected tax form, especially one that adds income like a 1099, is cause for concern. What is a 1099? Basic tax policy is that anytime someone can deduct some amount, for someone else, somewhere it is…
The bankruptcy means test was the centerpiece of the 2005 BAPCPA amendments to the bankruptcy code. Anything that congress did those years carried an expiration date. Think back to the Patriot Act, remember when we had rights? How about the Tax Cut? You will remember that in 2011 when it goes away. As a gift…