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  1. #1
    Join Date
    Apr 2012
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    2

    Default How Do I Report Chapter 13 Bankruptcy Filing on My Tax Return

    My question involves bankruptcy in the state of: California

    I filed for Chapter 13 bankruptcy in May of 2011 to strip the 2nd mortgage on my primary residence (and the only property that I own) along with some unsecured personal debt. The value of my property is still worth less than the principle balance on my first mortgage. How do I report this on my 2011 tax return?

    I didnít receive anything in the mail from the bankruptcy trustee or any of the creditors in terms of tax documents or anything reported to the IRS that I would need to disclose. I also couldnít find anything or anywhere in the HR Block tax software for me to disclose details of my Chapter 13 filing. Does this mean that thereís really nothing that I need to report with regards to my Chapter 13 filing on my tax return? Do I simply treat the year that I filed Chapter 13 just like any other normal tax year and file my taxes per usual? Or is there additional paperwork, forms or hoops to jump through?

    Thanks in advance for taking the time to answer my question.

  2. #2
    Join Date
    Sep 2010
    Posts
    358

    Default Re: How Do I Report Chapter 13 Bankruptcy Filing on My 2011 Tax Return

    Quote Quoting Shihrocks
    View Post
    Does this mean that there’s really nothing that I need to report with regards to my Chapter 13 filing on my tax return? Do I simply treat the year that I filed Chapter 13 just like any other normal tax year and file my taxes per usual? Or is there additional paperwork, forms or hoops to jump through?
    The filing of the chapter 13 bk has no impact on the preparation of your tax returns. However, if and when any creditor issues a 1099c for "cancellation of debt income", assuming you obtain a discharge, you will not have any tax liability resulting from the 1099 - See Internal Revenue Code section 108.

    Des.

  3. #3
    Join Date
    Apr 2012
    Posts
    2

    Default Re: How Do I Report Chapter 13 Bankruptcy Filing on My 2011 Tax Return

    Thank you! This was very helpful.

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