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When is a form 1099-c (forgiveness of debt) not taxed?

Memphis, TN |

*there is a dispute by the consumer over the actual debt.

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Filed under: Debt Tax law
Attorney answers 1

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When the lender writes off a part of the debt the IRS may be saying that amount of the debt written off is taxable income to you.

Check with a tax lawyer to look a exactly what the document is, the documents it relates to and the entire details of the situation.

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No one can know what the record is in the case because online we cannot see your documents. You need a lawyer. Check with a lawyer in your locale to discuss more of the details.

Good luck to you.

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