What Is Cancellation Of Debt 1099 C?
A canceled or forgiven debt of $600 or more is reported on Form 1099-C. The lender sends the form to the IRS, as well as to the borrower, who uses it to declare the canceled debt on his or her tax return. Assume you borrowed $10,000 and defaulted after repaying $4,000 on the loan. If […]
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