hlunsford[at]bellsouth.net wrote:
- quote -

If by re-tired you mean tired all over again, then yes!
However, if you mean enjoying life after a long and
fullfulling career - NOT HARDLY.

By most standards, I'm just a kid - 49 years old with 23+
years in the business. Just 17 more to go and then the
Sands of Tahiti await!

Gene E. Utterback, EA, RFC

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eagent wrote:
- quote -

Great catch there, Gene!

and here the Golden Tax Glove award is handed out.

ChEAr$,
Harlan Lunsford, EA n LA

p.s. are you retired yet?

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bill wrote:

- quote -

None - it will always be reportable. Though it may not be
taxable if you meet the provisions of IRC 108 (?) regarding
bankruptcy or insolvency.

Gene E. Utterback, EA, RFC

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bill wrote:

- quote -

If you were insolvent or in BK

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Additional Info:
The IRS requires insolvent taxpayers to submit IRS Form 982
with their tax returns if they are excluding canceled debt.

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Additional Info:
The IRS requires insolvent taxpayers to submit IRS Form 982
with their tax returns if they are excluding canceled debt.

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Taxpayers may not need to report the canceled debts as
income if they were insolvent when the debt was canceled.
Being insolvent simply means that the amount of their debts
exceeded their assets. However, taxpayers can only exclude
canceled debt up to the amount by which they were insolvent.
So, if a taxpayer has $10,000 more debt than assets, the IRS
requires the taxpayer to report any forgiven debt above that
amount. For example, if you owe $20,000 in debt and are able
to settle it for $11,000, the $9,000 in savings is not
taxable income. If the savings would have been more than
$10,000 in this example, for instance $10,500, then the $500
( amount above your $10,000 insolvency ) would be taxable
income in your tax bracket.

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"bill" <bw1945[at]nospamnow.com> wrote

- quote -

Bankruptcy....unless the laws changed of recent.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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"bill" <bw1945[at]nospamnow.com> wrote:

- quote -

Turn it over and look on the back, where you'll find
guidance and reporting requirements.

--
Phil Marti
Clarksburg, MD

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In what circumstances would the issue of a 1099-C not be
reportable as income?

tks all

bw

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >