Margaret Fuller5 360x1000
7albion
Maria Popova 360x1000
Maurice B Foley 360x1000
1theleasofus
Edmund Burke 360x1000
Richard Posner 360x1000
Mary Ann Evans 360x1000
Stormy Daniels 360x1000
1madoff
1lafayette
12albion
14albion
199
3confidencegames
2theleastofus
299
1jesusandjohnwayne
Betty Friedan 360x1000
Margaret Fuller4 360x1000
2jesusandjohnwayne
Margaret Fuller 360x1000
Gilgamesh 360x1000
399
5confidencegames
6confidencegames
1lookingforthegoodwar
Susie King Taylor 360x1000
1transcendentalist
2defense
1trap
4confidencegames
11632
2falsewitness
Office of Chief Counsel 360x1000
1albion
2lookingforthegoodwar
2transadentilist
Thomas Piketty2 360x1000
3theleastofus
5albion
4albion
11albion
AlexRosenberg
10abion
8albion'
James Gould Cozzens 360x1000
1gucci
2gucci
Susie King Taylor2 360x1000
2albion
LillianFaderman
Margaret Fuller1 360x1000
6albion
Ruth Bader Ginsburg 360x1000
Samuel Johnson 360x1000
7confidencegames
Adam Gopnik 360x1000
George F Wil...360x1000
Anthony McCann2 360x1000
1empireofpain
Margaret Fuller3 360x1000
1paradide
Learned Hand 360x1000
Brendan Beehan 360x1000
Thomas Piketty3 360x1000
2trap
Tad Friend 360x1000
lifeinmiddlemarch2
storyparadox2
2confidencegames
Lafayette and Jefferson 360x1000
2paradise
Storyparadox1
3paradise
George M Cohan and Lerarned Hand 360x1000
13albion
3albion
storyparadox3
Margaret Fuller 2 360x1000
Spottswood William Robinson 360x1000
Margaret Fuller2 360x1000
Mark V Holmes 360x1000
1falsewitness
Anthony McCann1 360x1000
2lafayette
499
1lauber
3defense
lifeinmiddlemarch1
9albion
1confidencegames
Thomas Piketty1 360x1000
1defense
Do Not Ignore IRS Form 1099-C – It Will Not End Well

Do Not Ignore IRS Form 1099-C – It Will Not End Well

If those loan servicers know their business, it seems pretty unlikely that Joe was solvent to the extent of over $360,000 after the discharge.  I don’t know.  Maybe he is a really good negotiator.  For the sake of argument let’s assume there is a good argument for insolvency.  Joe could have filed his Form 1040 and attached Form 982.  Take a look.  Check box 1(b) Discharge of indebtedness to the extent insolvent or maybe 1(e) for residence interest.  Then in Box 2 go for the gold and write in $364,179.  That should appease the computers anyway.  And even if it gets looked at, at least there is no failure to file.  I’m not going to get into Part II.  It only matters if you have tax attributes that you need to reduce.

If you want to be thorough you should got to Publication 4681 and fill out the worksheet on Page 6.  Note at the top right-hand corner that it says “Keep for your records”.  That means you don’t have to send it in with your return.  So you could wait till they ask for it to fill it out.  And if they never ask for it, well you saved some time.

Had Joe taken those simple steps, I would put the odds at well over 90% that his return would have sailed through the system.

read more

Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.