Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

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VCC
Pioneer
Posts: 2
Registered: ‎02-13-2014

What is the tax implication of bankruptcy trustee payments to creditors to the debtor?

Does the debtor need to report anything in his income tax return when the trustee starts paying debtor's creditors?

 

Client Support
Posts: 358
Registered: ‎02-17-2014

Re: What is the tax implication of bankruptcy trustee payments to creditors to the debtor?

A tax professional would be best to assist you with this. You can go to a local H&R Block office and speak with a tax professional, or if you are a software client you can connect with a tax professional via chat or email.