What To Do With That 1099-C You Got In The Mail
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 owe taxes on the amount of debt that was forgiven. Anytime a bank, credit card issuer or financial company writes off $600 or more worth […]
Will I Receive Form 1099-C If I Settle A Debt?
Q: Is it true that I will be given a 1099-c when I settle a debt for $600 or more off the amount that was due? If so exactly what does this mean? What is the tax percentage I will be charged? Is there a tax penalty fee for this? And will this increase my […]