bk required to be reported on taxes?

[Scream2Death]

just curious when i file taxes next year , is there any part that asks about bankruptcy and how does it affect filing jointly with my wife and daugther? thanks!

[keepmine]

No.

[HHM]

No, you file your taxes as normal. (there are some interesting things you can do with BK and taxes, i.e. elect to end your tax year on the date you file etc). The BK Trustee files a tax return on behalf of your BK estate.

But there is nothing out of ordinary you need to do vis-a-vis your BK and taxes.

[Scream2Death]

thanks so much i feel so much better!

[demismom]

I know this is an old thread, but we had a rental and I'm filling out the Schedule E right now, as well as my Schedule A. Are we allowed to claim the interest we DID pay on the Mortgage? We filed Chapter 7, surrendered the house.

[HHM]

I thought you could only deduct the interest from your primary residence.

[Granny]

If they had a rental property, the interest for the rental is deducted on Sch E., thereby reducing the rental income. Also deductible on Sch E is all other expenses incurred to produce the rental income, including depreciation of the property.

So to answer the OP question, yes the interest you did pay would still be deductible.

[demismom]

Thanx Granny. I wasn't sure if I was allowed to still do that, even though the property was surrendured. HHM - you are correct - I forgot that little detail.