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 ...

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The tax form 1099-C is used to record a cancellation of debt. While debt cancellation is good news for an individual or business, it still leads to more taxes. The IRS generally considers any forgiven ...

Rajeev Dhir is a writer with 10+ years of experience as a journalist with a background in broadcast, print, and digital newsrooms. Lea Uradu, J.D., is a Maryland state registered tax preparer, ...

“What’s a 1000-C?” That’s the question millions of taxpayers will be asking as these forms land in their mailbox this year. An estimated 5.5 million 1099-C forms will be filed for the 2012 tax year.