Hello All
The end is nearly in sight!
I have a client who had some Cancellation of Debt income. They are border line for insolvency. I am attempting to figure out what must be included as assets.
Do pension funds count when calculating assets? Both taxpayer and spouse are under 59 1/2 and therefore cannot withdraw without penalty if that makes any difference.
Mortgage plus home equity and credit card debt exceeds the value of the home. They have no other significant assets. Cars are leased.
Bank account balances are minimal. Paycheck to paycheck living.
Thanks for any feedback.
Paul
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Paul Sadej
CPA
PAUL J. SADEJ JR., CPA PC
Bellmore NY
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