Insolvency Worksheet Pdf Fillable Details

Are you struggling to keep up with your tax payments? Filing for bankruptcy might be the solution you are looking for. In this blog post, we will discuss what insolvency is and how to file for it. We will also provide a link to a fillable insolvency IRS form that can help make the filing process easier for you.

You can find more details concerning the fillable insolvency irs by looking through the table we prepared.

QuestionAnswer
Form NameFillable Insolvency Irs
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesinsolvency worksheet cancellation of debt, insolvency worksheet canceled, insolvency worksheet excel, insolvency worksheet season 2021

Form Preview Example

Insolvency Worksheet

Keep for Your Records

Date debt was canceled (mm/dd/yy)

Part I. Total liabilities immediately before the cancellation (do not include the same liability in more than one category)

 

Amount Owed

Liabilities (debts)

Immediately Before the

 

Cancellation

 

 

1. Credit card debt

$

2.Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal

 

residence, any additional residence, or property held for investment or used in a trade or business)

$

 

 

 

3.

Car and other vehicle loans

$

 

 

 

4.

Medical bills

$

 

 

 

5.

Student loans

$

 

 

 

6.

Accrued or past-due mortgage interest

$

 

 

 

7.

Accrued or past-due real estate taxes

$

 

 

 

8.

Accrued or past-due utilities (water, gas, electric)

$

 

 

 

9.

Accrued or past-due child care costs

$

 

 

 

10.

Federal or state income taxes remaining due (for prior tax years)

$

 

 

 

11.

Loans from 401(k) accounts and other retirement plans

$

 

 

 

12.

Loans against life insurance policies

$

 

 

 

13.

Judgments

$

 

 

 

14.

Business debts (including those owed as a sole proprietor or partner)

$

 

 

 

15.

Margin debt on stocks and other debt to purchase or secured by investment assets other than real property

$

 

 

 

16.

Other liabilities (debts) not included above

$

 

 

 

17.

Total liabilities immediately before the cancellation. Add lines 1 through 16.

$

Part II. Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category)

 

Assets

FMV Immediately Before

 

 

the Cancellation

 

 

 

18.

Cash and bank account balances

$

19.Residences (including the value of land) (can be personal residence, any additional residence, or property held for

 

investment or used in a trade or business)

$

 

 

 

20.

Cars and other vehicles

$

 

 

 

21.

Computers

$

 

 

 

22.

Household goods and furnishings (for example, appliances, electronics, furniture, etc.)

$

 

 

 

23.

Tools

$

 

 

 

24.

Jewelry

$

 

 

 

25.

Clothing

$

 

 

 

26.

Books

$

 

 

 

27.

Stocks and bonds

$

 

 

 

28.

Investments in coins, stamps, paintings, or other collectibles

$

 

 

 

29.

Firearms, sports, photographic, and other hobby equipment

$

 

 

 

30.

Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts)

$

 

 

 

31.

Interest in a pension plan

$

 

 

 

32.

Interest in education accounts

$

 

 

 

33.

Cash value of life insurance

$

 

 

 

34.

Security deposits with landlords, utilities, and others

$

 

 

 

35.

Interests in partnerships

$

 

 

 

36.

Value of investment in a business

$

37.Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts,

 

interest in hedge funds, and options)

$

 

 

 

38.

Other assets not included above

$

 

 

 

39.

FMV of total assets immediately before the cancellation. Add lines 18 through 38.

$

Part III. Insolvency

40.Amount of Insolvency. Subtract line 39 from line 17. If zero or less, you are not insolvent.

$

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Chapter 1 Canceled Debts