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A
aapples012
January 23, 2024
Question

I had a chapter 11 bankruptcy in 2023. Does that have to go on my taxes

  • January 23, 2024
  • 1 reply
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    LeticiaF1
    January 23, 2024

    Yes.  If you filed for Chapter 11 bankruptcy and you are acting as your trustee, you will need to file both an individual return on Form 1040 and a bankruptcy estate return on Form 1041.  

     

    In addition, if you receive any Forms 1099-C for debt that was canceled, those forms will need to be reported.  Most of the time these get reported as Other Income, unless they are business debts, and you should be able to exclude them since you were in a Chapter 11 Bankruptcy,  

     

    See the following articles if you would like more information:

     

    Filing Taxes After Filing for Bankruptcy

    Guide to Debt Cancellation and Your Taxes

     

     

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