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 ...
Your days of paying bills on that foreclosed home may not be over yet. If you've recently gone through a foreclosure , you may not realize that you've traded your mortgage debt for a tax debt. The ...
Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. UNITED STATES - JULY 23: Sen. Elizabeth Warren, D-Mass., and ...
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts ...
Nina E. Olson, the official appointed to speak out on behalf of U.S. taxpayers, has a few major gripes about the Internal Revenue Service. Among them, she believes the agency needs to better protect ...
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 ...
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts ...
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