Received 1099-C need help with form 982

[tobee43]

On my 982 form, my tax guy checked in Part I box 1(a) discharge of indebtedness and box 2, the amount of the debt that was discharged (only that debt that we received the 1099C for).

Part II and Part III, nothing.

i bet the IRS has now seen so many of these lately there should be no problem for the OP. i just still think Op should have someone check it out because i know with a chapter 11 you check 1 (a) but the chapter 7, it was 1 (b). (i was just filling the form out for the firm i worked for and they it was passed on to the accountants in our firm).

where's hmm???????? we need you!!!!

[debee]

@ OP

This is what it says on form 982:

1 Amount excluded is due to (check applicable box(es)):
a Discharge of indebtedness in a title 11 case . . . . . . . . . . . . . . . . . . . . . . . .
b Discharge of indebtedness to the extent insolvent (not in a title 11 case) . . . . . . . . . . . . . . .

You check 1a because you have filed bankruptcy. Bankruptcy is title 11. That is why when you read bankruptcy code it is always prefaced by 11 USC.

You check 1b if you have not filed bankruptcy but are claiming you are insolvent.

[2manybills]

@ OP

This is what it says on form 982:

1 Amount excluded is due to (check applicable box(es)):
a Discharge of indebtedness in a title 11 case . . . . . . . . . . . . . . . . . . . . . . . .
b Discharge of indebtedness to the extent insolvent (not in a title 11 case) . . . . . . . . . . . . . . .

You check 1a because you have filed bankruptcy. Bankruptcy is title 11. That is why when you read bankruptcy code it is always prefaced by 11 USC.

You check 1b if you have not filed bankruptcy but are claiming you are insolvent.

Thanks. That's exactly how mine is. It is "Title 11" not "Chapter 11".

[debee]

Thanks. That's exactly how mine is. It is "Title 11" not "Chapter 11".

I copied/pasted it straight off the 982.

[tobee43]

Thanks. That's exactly how mine is. It is "Title 11" not "Chapter 11".

i know the two i did one was for a chapter 11 under title 11...that's exactly why it's BEST to have all the paperwork in front of you. 2many...you just did it...so i would use your way, but i would still advise OP to get to someone to take an actual look at it.