Insolvency

TaxMama’s Tax Roundtable – March 2011 Session

March 21, 2011

March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.

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Ten Facts for Mortgage Debt Forgiveness

March 4, 2011

Courtesy of IRS If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

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Insolvency and COD

March 3, 2011

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Today TaxMama hears from Katherine in the TaxQuips Forum, who gets it. “I settled a debt today and am doing a list of assets and liabilities. My question is about assets “Interest in a pension plan.” My husband has been receiving an annuity retirement check for about 20 years. How would we know the value [...]

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IRS Problem Resolution Day

May 12, 2010

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Today TaxMama wants to give you some pointers on how to use the IRS Open House days effectively. People write to us with IRS problems all the time. I wish I could solve them all for you. But, generally, the only way to solve your problem is for you to take action. Here’s your chance [...]

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Ask TaxMama Issue 540 – A Long Weekend

February 12, 2010

Dear Family, This week went by so quickly, I didn’t even have time to blink. Perhaps not so for some people. Working on an article, I called the IRS DC press office one morning, only to get the answering service message that the office was closed. So contacted a couple of those cool guys by [...]

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1099-A Abandoned Property

February 11, 2010

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  Today TaxMama hears from Sylvia in the TaxQuips forum, with this terse question. “Box 2 $160,000 Box 4 $150,000. Adj Basis $210,000. Which Form (982)? and which lines to use.”

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Personal Responsibility

July 28, 2009

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Today TaxMama hears from lots of people – and all the questions have the same theme. “I overspent and ran up lots of debt and didn’t pay taxes. Now I’m in big trouble. What do I do?”

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