If you recently received a 1099-C, Cancellation of Debt, you may be wondering what to do with that form and how to use it when filing your income tax return.... read more →
According to the IRS, you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C (PDF), Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception.
If you had some of your debts cancelled or forgiven last year, the company that cancelled your debt will issue you a Form 1099-C for the amount of the cancellation.... read more →
If you enter a loan forgiveness program or a creditor cancels your debt after negotiating or modifying your total debts owed, you will receive Form 1099-C, Cancellation of Debt. This... read more →
Anytime a bank, credit card issuer or financial company writes off $600 or more worth of your debt, they have to send you a 1099-C, Cancellation of Debt. They also... read more →
Q: I am the creditor and I canceled the debt (the amount owned by a real estate development company). I have provided a 1099-C to the real estate development company.... read more →
If you settled a credit card debt last year, by paying less than originally owed, the debt settlement company probably didn’t tell you this, but the IRS will: You likely... read more →
Did you go through foreclosure, modify your mortgage, or do a short sale last year and sell your home for less than what was owed to your mortgage lender? If... read more →
