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 ...

A stock photograph of a 1099 Misc tax form. Photographed with the Canon EOS 5DSR at 50mp and the 100mm 2.8 L (IS) lens. Incorrect IRS Forms 1099 are a big tax worry. After all, Forms 1099 generally ...

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 ...

Tax season is well underway, and that means you should have received one or more income statements from employers or any other entities that paid you income in 2024. IRS rules state that all tax ...

A 1099 form is used to document income received outside of a permanent salaried job. This includes money earned from gig work, interest, a real estate sale or a distribution from a tax-leveraged ...

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 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 ...