Legal Question in Credit and Debt Law in North Carolina

I have received a 1099c from a creditor cancelling out a debt. My wife has a 50% share in our home with her uncle another 50% When filing my taxes would it be wise to file a joint tax or should I be safe and file separately. I have no ownership in the home where we live. Filing jointly would save me taxes due.

thank you


Asked on 3/03/14, 7:25 am

2 Answers from Attorneys
Kenneth Love Ken Love Law

The 1099c should not affect the home. The only affect is that you will have to pay taxes on the amount on the 1099c as if it were income.

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Answered on 3/03/14, 7:27 am
Rachel Hunter

You asked this question before. Can or can't you use a form 982 to exclude all or part of the income?

This is a tax issue and you do not need an attorney. You need a CPA.

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Answered on 3/03/14, 5:15 pm


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