Bankruptcy tax return.
September 25th, 2007 by Questions
I understand that there are two tax returns to be filed in the year of bankruptcy. My questions regard the first one that my trustee files.
1. Since I do not have the information slips (T4 , T5 etc.) for that part of the tax year I could make a mistake in computing income. Can I correct any errors post bankruptcy? Or should I contact my trustee to do so?
2. Post bankruptcy can I be audited/reassessed on this return? If it turns out that I owe extra taxes does that amount get wiped out as a debt in bankruptcy?
3. Are the capital gains/losses on the sale of a bankrupt`s assets by the trustee included in this return or the post-bankruptcy return?
4. Do I have the option of NOT claiming deductions or credits that I`am entitled to on this tax return?
5. Are accumulated capital losses wiped out by this return or are they still available to reduce my taxes post bankruptcy?