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Chapter 7 discharge and filing income taxes

Posted on: 24th Jan, 2012 10:20 am
Have a question:

I filed for Chapter 7 and included both my 1st and 2nd mortgages in the Chapter 7 and have since obtained a discharge. I got the discharge about 1 1/2 years ago, and the lender has not foreclosed on the property as of yet. Since this is the time for tax season, I'm wondering if I still need to file the depreciation and other expenses (up keep) with regards to the property when doing my income tax return this year, or because I have a discharge is this something I am not responsible for any longer?

Any advice would be much appreciated. Thank you!
Hi John,

Though you have received a discharge, you're liable for the maintenance of the property. You should speak to a tax adviser and take his opinion in this regard. He will guide you and let you know whether or not you need to file the depreciation and other expenses.

Thanks
Posted on: 24th Jan, 2012 09:45 pm
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