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Insolvency Exemption Calculator

Use this free insolvency calculator to find out if you are insolvent, and to estimate how much tax you might have to pay on your forgiven debt.

List the amounts of all your debts as of the date immediately before the debt was forgiven. For the mortgage debt, enter the total amount owed, before the discount.
Liabilities
Amount Owed
Credit card debt
$
Total mortgage debt (all properties, all loans)
$
Car and other vehicle loans
$
Medical bills owed
$
Student loans
$
Accrued or past-due mortgage interest
$
Overdue real estate taxes
$
Overdue utilities (water, gas, electric)
$
Accrued or past-due child care costs
$
Overdue federal or state income taxes (prior years)
$
Judgments
$
Business debts (including those owed as a sole proprietor or partner)
$
Margin debt on stocks and other non-housing investments
$
Other liabilities
$
Total liabilities immediately before the cancellation.
$
List the value of your assets as of the date immediately before the debt was forgiven.
Assets
Amount
Value of all homes, property, land
$
Cash and bank account balances
$
Cars and other vehicles
$
Computers
$
Household furnishings
$
Stocks and bonds
$
Retirement accounts (IRA, 401(k), pensions, and other)
$
Interest in education accounts
$
Cash value of life insurance
$
Interests in partnerships or businesses
$
Other investments (for example, annuities, mutual funds, commodities)
$
Other assets not included above
$
FMV of total assets immediately before the cancellation
$
Part III. Insolvency
Amount of Insolvency. Subtract line 37 from line 15. If zero or less, you are not insolvent.
$