Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

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 you thought your money woes ended last year when you settled that credit card debt, think again. For many consumers with debt problems, after the debt collector leaves their lives, the taxman ...

You probably have heard that running cocktail hour joke about the two sure things in life — death and taxes. Well that chuckle starter came up again during the BHPH Report’s conversation with ...

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 ...

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 ...

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 ...

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 ...

A tax adviser faces a challenge when advising a client about the taxability of a canceled debt. In addition to breaking the news that the transaction is possibly a taxable event under Sec. 61(a)(12), ...

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 ...