LEGAL GUIDE
Written by attorney Michael Christopher Burr | Feb 15, 2014

TAX PROBLEMS FROM SETTLING DEBT - THE 1099C PROBLEM

The IRS requires creditors to issue a 1099-C form to individuals who have had their debts forgiven or settled for less than the amount owed. It applies to debts in excess of $600.

Additional resources provided by the author

The 1099C form - http://www.irs.gov/uac/Form-1099-C,-Cancellation-of-Debt

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