Received a Form 1099-C for canceled debt? Learn why the IRS may consider it taxable income and, crucially, how you might be ...

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 ...

The Tax Court, in a recent summary opinion, ruled that an individual did not have cancellation of debt income in the year that a collection agency issued him a Form 1099-C and stopped its automated ...

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 ...