What determines Insolvency for a 1099-C?
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Posted by JerNTN
(24.158.147.91) on July 31, 2004 at 00:20:18:
According to my calculation, I should be receiving a 1099-C in the amount of 10K from my OC. My question is: It is sometimes stated that IF you're insolvent at the time of the settlement, you do not have to pay taxes on the debt. Does your spouse's income affect your determination of being insolvent? Example: my SS and pension is app. 20K/year. I've had LOTS of medical bills this year BUT my wife will gross app.
40K? Does her income enter into the picture since we file a joint return?
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