Discussion:Tax return for indvidual filed chapter 7
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Discussion Forum Index --> Basic Tax Questions --> Tax return for indvidual filed chapter 7
Discussion Forum Index --> Tax Questions --> Tax return for indvidual filed chapter 7
| 7 January 2008 | |
| Is there anything I have to do as a CPA doing a persons tax return that filed chapter 7 in 2007? or do I just do the return as normal. His LLC (single member) did not go bankrup so I will still file a schedule C for him?
Neil | |
PostingFromWork (talk|edits) said: | 7 January 2008 |
| You might want to check out Pub 908.
The big deal is imposition of the bankruptcy estate. Essentially, you lose any carryforwards, you can't carry anything back, and you may have the option to make a ยง1398 election to close the individual's tax year on the day before the bankruptcy petition is filed. Also portions of any income, deductions, and credits may need to be reported on the banruptcy estate's 1041 instead of the individual's 1040. | |
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