You will receive a 1099-C Cancelation 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 ...

If it’s been a rough couple of years for you, you’re not alone. Maybe your income was cut, you lost your job, or you had large expenses like medical bills. You may have fallen behind on bills, fielded ...

The tax form 1099-C is used to record a cancellation of debt. While debt cancellation is good news for an individual or business, it still leads to more taxes. The IRS generally considers any forgiven ...

Beverly is a writer, editor, and paralegal specializing in personal finance and tax law. She covers personal financial and legal topics, as well as tax breaks, tax preparation software, and tax law ...

The potential tax consequences to a debtor and tax reporting obligations of a creditor can become a contentious issue when settling disputed debts, although the issue often arises as an afterthought ...

Taxes can get confusing — just looking at the names of some of the forms you have to fill out can be enough to get your head spinning. Like the 1099-C, for example. What is that, and why is it in your ...

Pay attention. This is one of my posts with an important lesson rather than an entertaining story. The lesson comes from a Tax Court decision - TCM 2018-140. You will find out the taxpayer's name if ...

Learn how to improve your credit score with essential tips on payment history, credit utilization, and more this Financial Literacy Month. Learn how to use your tax refund to improve your credit score ...

Working with customer disputes isn’t an unfamiliar situation to most buy-here, pay-here operators. Dealers have become accustomed to smoothing out situations about repairs, payments and a host of ...

You finally did it. You filed your taxes and now need only await your return, to be spent on a new TV or stocked away in an IRA or whatever you want — it’s your money again, and not Uncle Sam’s.

The potential tax consequences to a debtor and tax reporting obligations of a creditor can become a contentious issue when settling disputed debts, although the issue often arises as an afterthought ...

Learn how to improve your credit score with essential tips on payment history, credit utilization, and more this Financial Literacy Month. Learn how to use your tax refund to improve your credit score ...