Statement of Affairs: income from selling assets

[mtbc]

The 2nd question on form 7 asks about non-wages income. How do I deal with this with assets I sold?

Do I put the sale price regardless of the asset's value? Do I put the net profit if the asset appreciated since I bought it? Or what? I'm thinking the safe thing is to go with whatever I put as capital gain or whatever on my taxes, and things like my car that depreciated, then I sold it at market value, I omit from that question and just mention it later when they ask about property transfers.

[justbroke]

You are not receiving responses to this, because this is a specific questino of law, and we don't want to tell you what to put.

If you download the Instructions for Official Form 7 - Statment of Financial Affairs, you'll see that Question 2 is for "other" unearned income realetd to operatino of a business...

All other income, other than from employment, trade, or profession, or from operation of the debtor's business, that the debtor received during the two years before the commencement of the case should be disclosed under item 2. This category may include, but is not limited to, income from tax refunds, Social Security and other public benefit payments, alimony, child support, interest, dividends, pensions, annuities, capital gains, money judgments from lawsuits, royalties, licenses, rents, leases, and subleases. The amount and source of the income should be listed in the space provided. Spouses that have filed a joint petition should list the income for each spouse separately. Married chapter 12 and 13 debtors must list the income for each spouse whether or not a joint petition is filed, unless the spouses are separated and a joint petition is not filed.

As you can read in the Instructions, it reads "capital gains"... so that means record the amount you listed for your capital gains (not loss) in there.

Are you using a guidebook like the NoLo book???

[mtbc]

I am, yes, but it had very little to add to what's already printed on the form and instructions. Thank you.

[mtbc]

The

may include, but is not limited to

weasel words are what made me wonder what else!

[mtbc]

I should add, another reason I worried is that the means test's idea of "income" is very broad indeed! But for form 7 it seems like I'm probably safe with whatever matches my (truthful) tax return.