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Cancellation of debt is not always taxable, although when your debt is cancelled and you save more than $600, the creditor is required to send you what’s called a 1099-C form. This form reports [...]

Cancellation of debt is an IRS term. When you settle a debt, the creditor will issue you a 1099-C (“Cancellation of Debt”) form reflecting the amount of the debt cancelled through the settlement, [...]

Whether or not your debt settlement will have tax implications is determined by the IRS code. This is a question best left to your CPA, but the general rule is that if you had a positive net [...]

Before you enter into any debt settlement program, you should make sure you understand the potential tax consequences. The question of what effect debt settlement could have on your income taxes [...]