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How to exclude cancelled debt income due to insolvency (Not Title 11)?
How to exclude cancelled debt income due to insolvency not title 11 or bankruptcy. Taxpayer had debt forgiven in connection to a car loan. Taxpayer could not pay due to insolvency. I clicked the box on form 982 but I don't know how to proceed further. I remember in previous years there was a form to enter assets and liabilities to determine insolvency.
