If you have had an unsecured debt settled for more than $600 and less than the full balance, you may get a 1099-C around tax time.
Received a 1099-C! What do I do?
Tag: 1099-C
Received a 1099-C…Now What?
Around tax time, many people receive a 1099-C form and usually do not know what to do about it.
How to File IRS Form 982 After Receiving a 1099C
When a debt is settled (IRS says, “forgiven”) for more than $600, you may receive a form 1099C that seems to say that you are going to have to pay more tax! Here’s what you need to do to have the “forgiveness” excluded as additional income:
What is a 1099-C and What to do About it!
If a creditor settled or wrote off a debt for you in 2015, you may get a 1099-C. Here’s what you can do to avoid paying any additional tax…
Tax Time, Debt Settlement, 1099-C
If you had a debt settled or forgiven last year for more than $600, most likely you will receive a 1099-C. Do you have to pay more taxes? Here’s what you need to know:
What to do if you receive a 1099-C after a Settlement?
If you have had a debt settled for less than the total balance, you may receive a 1099-C. You may or may not have to pay any additional tax. When you settle a debt for less than the full balance due, and this is for $600 or more, the creditor or debt collector may report… Read more »
How to Avoid Additional Tax After Receiving a 1099-C
If you had a debt settled or “forgiven” in IRS lingo, and it was for more that $600, you most likely will receive a 1099-C. But, you may not be required to pay additional tax on the forgiven amount, but YOU MUST FILE THE CORRECT FORMS AND DOCUMENTATION.
What To Do If You Receive a 1099-C
Have you had a debt settled for less than you owe? If so, chances are pretty good that you also received a 1099-C for the amount of the “forgiven” debt amount. WHAT? How can that be possible?
Have you received a 1099-C due to Cancellation of Debt?
I Received a 1099-C, Now What?
If you have received a 1099-C, DON’T PAY THE ADDITIONAL TAX until you know your rights!
Do You Have to Pay Tax After Settlement?
A client called us the other day and asked, “Do you have to pay tax after settlement?”
How to Avoid paying Taxes after receiving a 1099-C
If you have had a debt “forgiven”, and receive a 1099-C, how do you avoid paying taxes?
3 End of the Year Tricks to Save Money on Taxes
What the Mortgage Forgiveness Debt Relief Act means for you
Mortgage Forgiveness Debt Relief Act In the past, homeowners using short sales or deeds in lieu of foreclosure were required to pay tax on the amount of their forgiven debt. However, the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) changes this for certain loans. This Act, which has been extended through 2012, allows… Read more »
Do I have to pay tax on settled debts?
We get dozens of calls each year around tax time asking about the 1099-C IRS form.