Our Videos

FAQ / What if my debt is forgiven?


The tax impact of debt forgiveness or cancellation depends on your individual facts and circumstances. Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
There are several exceptions to the taxability of cancelled debt, such as insolvency or bankruptcy. For more information, see The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

Keywords: form 1099,
 




Testimonials

John Beacleay

Just wanted to say thanks again for all your help Anton. I mean it's really amazing to me that yo...
Read More »
Niranjan Sujay
I recently used LOGOS INTERNATIONAL for the translation of my bachelor’s certificate, and I couldn’t...
Read More »
Katia Nagata

As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce...
Read More »
AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »

FAQ

Q. Can I serve other documents through the diplomatic channel?
Read More »
Are there any limitations on frequency of filing K-1 Fiance (e) visa petitions? Last year I filed K-1 Fiance (e) visa petition for my ex-fiancee, it was approved, my fiancee came here, but we broke up
Read More »
Is it illegal to damage or deface coins?
Read More »
How are reorganizations or liquidations accomplished under chapter 11?
Read More »


News

January 28, 26
Man accused of attacking Democratic Representative Ilhan Omar has criminal record – report
Read More »
January 23, 26
Israeli woman issued death certificate despite being alive
Read More »
January 21, 26
Maryland woman detained by ICE despite having US birth certificate
Read More »
January 16, 26
WV bill to lock sex designation on birth certificates
Read More »