How long to wait for 1099c's

[ceh789]

I tried posting this yesterday as an add on to another thread but didn't get any response so I'm going to try again:

Appending my question here since it's very similar.

My Ch 7 discharge was May 2010. Since receiving 1099c's is an unknown - how long do I have to wait to see if I get any before I can file my return? Or, can I just file when I'm ready and do an amended return with the 1099c (s) and a 982 if I get some? If the amended option is possible - does anyone know if there is a cost to amend a return?

Thanks much for any advice that can be offered!

[HHM]

Wait at least until the end of January. However, I wouldn't be concerned. Most banks don't send 1099-C's when a debt is discharged in BK. Just file your return when you are ready, and if you get a 1099-C, you can just file an amended return along with form 982.

No cost to amend the return.

[tcreegan]

Hi ceh, Hi HHM,

Can't you exclude the 1099 amt from income if it comes from a BK foreclosure on your primary residence?

Tom in Colo

[HHM]

Hi ceh, Hi HHM,

Can't you exclude the 1099 amt from income if it comes from a BK foreclosure on your primary residence?

Tom in Colo

Yes you can. The issue is whether you should go to the trouble to fill out form 982. If you actually get a 1099-C, then yes; fill out the form. If no 1099-C, then no; don't bother with the form.

[tcreegan]

Thanks HHM !

[onthefence]

I have a sort of related question, so I will add it to this thread....

Normally we have an accountant file our taxes (we had a small business as well), but the accountant doesn't do our bookkeeping and does not know that we filed for CH7 BK in 9/2010. We were discharged 12/28/10. We have not received any 1099-C's, at least not yet. I suppose I am wondering if we need to let the accountant know about our bankruptcy or if it is irrelevant? I would prefer not to say anything to them if possible.....

I appreciate any advice. TIA

OTF