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Can a 1099C be issued for an amount that was forgiven?In: Income Taxes |
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When creditors cancel or "forgive" a debt they must send the debtor a 1099-C and also report it to the IRS. The IRS considers the amount of the cancelled taxable income.
First answer by Macky. Last edit by Macky. Contributor trust: 3450 [recommend contributor]. Question popularity: 51 [recommend question]
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