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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?


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.

Charles Markham, EA


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15 Ans.