South Dakota Installment Loan Online / 11.03.2020

The 1099-C: Tax Consequences of Debt Settlement

Of the many surprises which come within the mail for income tax period, probably one of the most dreaded is the 1099-C. The IRS categorizes some debts that are forgiven a revenue stream, and therefore qualified to receive fees. You must file these forgiven debts on your tax return as income related to the cancellation, settlement, or forgiveness of a previously existing debt when you receive this form. But, as always, you will find exceptions and exclusions for this notification.

Exactly How Payment Can Hurt

Negotiating along with your creditors is just an idea that is good.