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If your husband who died with no will had credit card debt in his name received 1099-C cancellation of debt must you list this income on tax return?
Wiki User
∙ 8y ago
You must include all reportable income on the final tax return. Under section 61 of the Internal Revenue Code, forgiveness or discharge of indebtedness is gross income for tax purposes, so looks like that is what you need to do.
Wiki User
∙ 8y ago
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Who is eligible for the earned income tax credit?
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
What is the journal of Dividend Income?
If dividend income received: Debit Cash / bank Credit Dividend income If dividend income receivable: Debit Dividend income receivable Credit Dividend income
Is discount received an income?
Yes it is an income. It will be posted in the credit side of the profit and loss account.
Is earned income tax credit an itemized deduction?
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
Who is eligible for the earned income tax credit?
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
What is the journal of Dividend Income?
If dividend income received: Debit Cash / bank Credit Dividend income If dividend income receivable: Debit Dividend income receivable Credit Dividend income
Is discount received an income?
Yes it is an income. It will be posted in the credit side of the profit and loss account.
Is earned income tax credit an itemized deduction?
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
1099-c from a short sale on a home?
Represents the cancellation of debt, which is income you received. The same as if the lender gave you money.
You only received unemployment for 2009 will you be eligible for earned income credit?
Unemployment benefits are not "earned income", so you should not be eligible for earned income credit.
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
How do you pass journal entry of income for which contract has made income will be received in future in installments basis?
Income will only be recorded when it will received an no entry on contract.Entry at time of received:[Debit] cash / bank[credit] income
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
Is cancellation of debt taxable in New Jersey?
On February 15, 2010 I called the State of New Jersey and asked this specific question. I was directed to reference a court case in 2000, Weintraub vs The Director. The State representative summarized the case by saying that cancellation of debt income, whether it be business or personal (such as credit card debt cancellation received on a 1099-C form) is NOT taxable for New Jersey state purposes. It is however, taxable at the federal level.
Is commission received debit?
Commission received in income and cash is actually received so cash is always debit and commission is credit against cash as all incomes have credit balance as default balance.
