QUESTION DETAIL
Related User
Votes
If I filed Chapter 7, but it isn't discharged until march of next year, do I report the discharged debt on the current year's tax return or next years?
ANSWER
Expert Charles Markham's Answer:
First off, debts discharged in a bankrupcty are not taxable and can probably go un-reported. However, to be strictly correct you could include them on IRS Form 982. You would NOT include discharged debts until they are actually discharged--things can happen in a BK. So, you would wait until 2013 to address this on your taxes.