What is a Form 1099-C?

Created by Anil Kumar Kumar Kotla, Modified on Wed, 24 Jan 2024 at 04:51 AM by Anil Kumar Kumar Kotla

A Form 1099-C is for canceled debt exceeding $600.00 or more. Per the IRS, your canceled debt may be considered taxable if the amount forgiven was less than the amount you actually paid. There are exceptions which include but are not limited to: debt related to a Title 11 bankruptcy case and qualified real property business indebtedness.

 

Additional information about canceled debt can be found here.

 

Additional Resources:

 

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