If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven ...

Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

A 1099 is a tax document reporting nonemployment income to the IRS. There are several types of 1099 forms, depending on the income you receive — but all are designed to report payments you received to ...

If you have lost your home to foreclosure, or sold it for less than you owed in a “short sale,” or if you had a car repossessed or gave it back to the lender because you couldn’t make the payments, ...

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of ...

It's tax season, and if you've received an unfamiliar income form this year, it might be a 1099 tax form. A 1099 form is used ...

Each January, your mailbox and email are likely filled with tax forms. You’ll receive a W-2 reporting your wages if you work for an employer. But if you do any self-employed or freelance work, you may ...

Despite the government shutdown, taxpayers are gearing up for tax season. The Internal Revenue Service (IRS) will begin accepting paper and electronic tax returns on January 28, 2019. That means that ...

You will receive a 1099-C Cancellation 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 ...

Each January, your mailbox and e-mail is likely filled with tax forms. If you work for an employer, you’ll receive a W-2 reporting your wages. But if you do any self-employed or freelance work, you ...