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Husband insolvent and received 1099Cs - is he combined with me? |
My husband would qualify as insolvent - no assets/no job. All assests are mine - such as house, my 401K. We settled some of his credit card debts last year - my funds. He received 1099Cs on these. Would his filing jointly with me and thus my assets and income render him to be NOT insolvent - and therefore have to pay taxes on these settlements? Insolvency means that he was in bankruptcy. If he wasn't he needs to show thru a financial statement that he was insolvent when the debt was forgiven. This is reportable income, I advise that you contact the IRS and they can help determine if he is in fact insolvent for the purposes of not claiming this income both of you should file "married filing singly" its better to file jointly. you can browse the online efiling sites for more information and they will file your returns with deductions. |
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