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Catch tax deductions in Chapter 13 payments

By Cathy Moran

It’s tax season:  don’t forget to write off the deductible expenditures made by your  Chapter 13 trustee on your tax return.

Many Chapter 13 plans are paying mortgage arrears (which are almost exclusively deductible interest), taxes of some sort, or business expenses.  These items should be deductible to you.

You can get a report from your Chapter 13 trustee of the distributions she’s made during 2008.  Many trustees have this information on line for your convenience. The report will itemize payments  made with your money, on your debts.

If you’re in a Chapter 13 and  have a bushel of lemons, make lemonade, and reduce your current tax burden.

Filed Under: Chapter 13

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

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Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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