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 ...

It's tax season, and if you've received an unfamiliar income form this year, it might be a 1099 tax form. A 1099 form is used to document income received outside of a permanent salaried job. This ...

You won't owe the IRS money on your forgiven balance, but a handful of states tax canceled debt as income. Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and ...

In some situations you can have all or some of your debt forgiven. The portion of debt that is forgiven can be considered taxable income. The company that canceled the debt that will issue a Form 1099 ...

At this time of year, creditors sometimes send out what is called a Form 1099-C. They email it to the Internal Revenue Service (IRS) and copy the person who owes them debt. The form tells the IRS that ...

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 ...

A classically trained French hornist by education, Nick Wolny is a managing editor at CNET Group, where he oversees the Perspectives franchise and written branded content across CNET Group's ...

If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven ...