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No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
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Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Which bankruptcy removes federal taxes?
Federal income tax can sometimes be discharged in a bankruptcy, but there are several rules that apply. Only one example is, federal taxes must be at least three years in arrears before qualifying for bankruptcy discharge.
If a chapter 13 bankruptcy has not been discharged can a creditor be added?
The bankruptcy is not discharged, the debts are. A creditor can be added if the plan is not too far along or if you have the excess income to pay whatever the creditors are being paid (percent of debt) for the balance of the plan. If it is a post-filing debt, it cannot be added.
If you take cash value from a whole life policy do you have to claim the money as income?
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
Is money received as surplus from a foreclosure taxable?
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
Is debt that discharged in a bankruptcy proceeding considered 1099 income?
no
What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
Is the stafford loan considered taxable income?
yes
What is realized income?
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
Is unemployment compensation taxable in the city of Pittsburgh Pa?
Unemployment Compensation is considered non-taxable income for the Earned Income Tax.
Per Georgia schedule 3. What is considered taxable income for Georgia income tax purposes for non-residents of Georgia Is it just the income earned inside of Georgia What is non-taxable income?
If you are a non-resident, you're taxable income for Georgia is zero. Georgia taxable income is income that you earned as a resident of Georgia.
Discharge of indebtedness taxabke income?
Generally, Yes...you will receive a 1099C evidencing it. However, if part of a bankruptcy, it may be excludable as taxable income.
Is mileage reimbursement for an executor of an estate taxable?
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
Is child support taxable in any states?
No, it is not considered income.
When you file federal taxes what is considered taxable income?
SSI
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
