If you have more than $600 of debt forgiven, your lender should send you a 1099-C Cancellation of Debt form. This form is a tax document that the lender is required to file. It will help you determine ...

The potential tax consequences to a debtor and tax reporting obligations of a creditor can become a contentious issue when settling disputed debts, although the issue often arises as an afterthought ...

Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

Pay attention. This is one of my posts with an important lesson rather than an entertaining story. The lesson comes from a Tax Court decision - TCM 2018-140. You will find out the taxpayer's name if ...

・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable income. ・If forgiveness occurs in 2026 or later, you’ll likely receive Form 1099-C ...

As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The ...

You probably have heard that running cocktail hour joke about the two sure things in life — death and taxes. Well that chuckle starter came up again during the BHPH Report’s conversation with ...

I just got a tax document on a bad business credit card debt-1099-C what will this do to my tax refund status? It is for 3809.09. My taxable income was around 32,000.00 (personal income not the ...

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of ...