014 I’m Looking at Bankruptcy and the Tax Consequences
In this week’s episode (14) of the Your Tax Teacher Podcast, I discuss a question I had earlier this week on cancellation of income in bankruptcy. The main topic is discussing depreciation and how the 50% bonus depreciation is ending in 2012 when it comes to purchases of assets for your business. If you have a tax question or feedback on the podcast, please send an email to firstname.lastname@example.org or leave a voicemail on my contact me on the webpage http://www.yourtaxteacher.com.
The form for bankruptcy and forgiveness (cancellation of debt) is Federal Form 982. The depreciation form is Form 4562.
The links are:
Form 982: www.irs.gov/pub/irs-pdf/f982.pdf
Form 4562 www.irs.gov/pub/irs-pdf/f4562.pdf
Form 4562 instructions link is:
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