A tax adviser faces a challenge when advising a client about the taxability of a canceled debt. In addition to breaking the news that the transaction is possibly a taxable event under Sec. 61(a)(12), ...

You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

Taxes can get confusing — just looking at the names of some of the forms you have to fill out can be enough to get your head spinning. Like the 1099-C, for example. What is that, and why is it in your ...

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 ...

If you received a 1099-C tax form in the mail, you might be wondering where it came from and why it exists. You typically get this form when you settle a debt. It means you owe taxes on the amount of ...

Here's what you should know about the form 1099-C, Cancellation of Debt: A form 1099-C, Cancellation of Debt, is issued by a creditor when a debt is discharged for less than the full amount you owe ...

If it’s been a rough couple of years for you, you’re not alone. Maybe your income was cut, you lost your job, or you had large expenses like medical bills. You may have fallen behind on bills, fielded ...

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 ...

You finally did it. You filed your taxes and now need only await your return, to be spent on a new TV or stocked away in an IRA or whatever you want — it’s your money again, and not Uncle Sam’s.

Acting to clarify the practical impact of a COVID relief provision enacted earlier this year, the IRS has announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue ...