Legal Question in Credit and Debt Law in North Carolina

I am a married man and have received a 1099c debt cancellation form. I am not on the title to our home. My wife owns 50% and her uncle and aunt also own 50%. Can we safely file a joint return to avoid a large tax liability rather than file separately? I don't want repercussions from the IRS. Thank You I have cancelled out the entire sum with present debt liability.


Asked on 3/21/14, 8:16 am

1 Answer from Attorneys

You have asked this question before. See a CPA. This is a tax issue, not a credit/collection issue. A CPA needs to review your income and assets to see if the 1099c income can be excluded from your income based on your assets/debts. If you do not own the house then it would not be your asset, but I don't know what other assets you own or partly own nor what other debts you have.

Please see a CPA - a real CPA who is familiar with IRS Form 982. If you cannot afford a real CPA there are VITA people who can help perhaps. However, you can get information about form 982 and the instructions from www.irs.gov.

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Answered on 3/21/14, 1:39 pm


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