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 ...

Question: My wife and I filed for bankruptcy protection last year to get out from under an overwhelming amount of credit card debt. Will we have pay taxes on any forgiveness or cancellation of the ...

No to both parts of the question. As to whether the issuance of a Form 1099-C definitively establishes discharge of debt income, the regulations state that the occurrence of an identifiable event is ...

With hundreds of thousands of homeowners having negotiated loan modifications or short sales or been foreclosed upon during the past year, the Internal Revenue Service has issued fresh guidance on how ...

Question: I successfully filed for personal bankruptcy protection in 2025 under Chapter 7 to get out from under an overwhelming amount of credit card debt and back taxes created during the COVID years ...