Insolvency

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Insolvency Calculation: What Does “Interest in a Retirement Account” Mean?

By | July 14th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

In this case, the term “interest” means “stake.” For example, if your 401(k) account has a balance of $15,000, you have a $15,000 “interest” in that account.

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Does a Roth IRA Count as an Asset in Insolvency Calculation for Cancelled Debt?

By | June 16th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Does a Roth IRA Count as an Asset in Insolvency Calculation for Cancelled Debt? Short answer is: yes.

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From the Archives: Insolvency and Canceled Debt: Make Sure You Can Prove It!

By | December 21st, 2015|Categories: From the Archives|Tags: , , |

Canceled debt is generally taxable, but not if you're insolvent.