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Chapter 7 bankruptcy and federal taxes

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vsm0104 Guest	Posted: Tue Feb 08, 2011 3:25 pm    Post subject: Chapter 7 bankruptcy and federal taxes Like 0 Dislike 0 Hello, My husband and I filed Ch. 7 bankruptcy last Nov. 2010. It was recently discharged in January 2011. We had 2 out of state investment properties that were discharged as a result of our BK. We are now getting ready to file our 2010 tax return and would like to know how the BK will affect our taxes. Thank you!
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Tue Feb 08, 2011 7:43 pm    Post subject: Like 0 Dislike 0 Hi vsm, I don't think the bankruptcy filing will affect your taxes. Nevertheless, you should contact a tax adviser and take his/her help while filing your taxes. Thanks
puts Guest	Posted: Fri Sep 02, 2011 8:05 am    Post subject: fed. income taxws Like 0 Dislike 0 forcloser is imminent if I file bankruptcy c 7 and the difference between the final price and the amount owed on the home be taxed as income the way a loan modification amount is
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Sun Sep 04, 2011 10:48 pm    Post subject: Like 0 Dislike 0 Welcome puts, If you reaffirm your mortgage when you file Chapter 7 bankruptcy and pay the mortgage on time, then your property won't be foreclosed. However, if the property is foreclosed, then you may be liable for paying the taxes for the forgiven debt. _________________ Procrastination is the enemy of your financial success

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