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

IS THERE A TREATY AUTHORITY PERMITTING CONSULAR OFFICERS TO PERFORM NOTARIAL AND AUTHENTICATION SERVICES ABROAD?
Read More »
Can I take my dog with me on vacation to Canada?
Read More »
My fiance (fiancee) has been denied a B1/B2 visitor visa to the U.S. before. Could that affect the decision on her K-1 visa application if I file a K-1 Fiance (e) visa petition for her now?
Read More »
Q. How do I effect service on an agency or instrumentality of a foreign State (28 U.S.C. 1608(b)?
Read More »


News

January 16, 26
WV bill to lock sex designation on birth certificates
Read More »
January 14, 26
Tennessee family obtains death certificate for relative buried under incorrect name
Read More »
January 6, 26
Illinois life insurance companies prohibited from discriminating against individuals with criminal record
Read More »
December 29, 25
Filmmaker Rob Reiner and photographer spouse Michele died of “multiple sharp force injuries” – death certificates
Read More »