I was doing my taxes on turbo tax. There was a question if you had debts canceled, as in bankruptcy, to include that as part of your income.(IRS pub 908)They asked if you received a 1099-C. Anybody know anything about this?
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debts that are cancled in bk are not taxable and you will not receive a 1099-C for them.
debts that you negotiated out of or payed off at a lower amount then the balance or that were discharged you can owe taxes for. those you can get a 1099-C for but lots dont.Im not an attorney or a trustee. You cant trust me either though!
[x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
[x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
[x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
[x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!
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Thank You!!!
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