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?
One Response to “Bankruptcy tax return.”
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September 26, 2007 at 8:42 am, A licensed trustee said:
Respectfully, you sound sophisticated enough that you should speak to either your tax accountant or a trustee directly. The purpose of this blog is to provide responses to general interest questions – it is not to address complex issues that don’t relate to most readers.
Use the links to find a trustee in your area and give them a call.