Tax Forgiveness on that 1099

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What is a 1099-C? It’s a tax document that outlines how much of your debt was forgiven so you can report it on your taxes. When Do You Pay Taxes on Forgiven Student Loan Debt? There are several ways to get your federal student loans forgiven, and they are all available in case you can’t pay them.

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I’m afraid you’ve fallen into one of the pitfalls: the tax on "canceled debt." The form you received is form 1099-C (for cancellation of debt). And yes, the amount of consumer debt that was forgiven.

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I received a 1099 c from the IRS. My car was repossessed 2006 and was charged off in 2008 is it past the statue of limitations to send me a 1099 c. I thought they only had 36 months to do so? Please help they are trying to make pay $2500 and this charge off is no linger on any of my credit reports.

 · The federal tax code taxes debt forgiveness. The tax code also requires those forgiving debts to file information returns to the IRS, using form 1099-C. So, you lose your house in a foreclosure sale and the bank sends a 1099-C for the loss they take on the house.

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I recently settled on my debts through Freedom Debt Relief and I want to know if I will owe taxes from any cancellation of debt income (CODI) or if I will be 1099 taxed for the big savings I received..

The bank then issued the Simonsens a Form 1099-C showing cancellation of debt income of $220,000. On their 2011 tax return, the Simonsens reflected a loss on the sale of a rental property of $159,000.

That forgiveness is considered income to you and that. and a lender forgives the debt and sends you a 1099, you will have to pay income taxes on the amount of debt that was forgiven. (Ilyce R..

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