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IRS Form 1099-C Explained with Form 982 for Cancelled Debts
2023 Update: https://youtu.be/6Rt2oV1JldM IRS Form 1099-C is filed when a creditor forgives debts owed by the debtor. Under U.S. tax rules, the dollar value of canceled debt is included in gross income under IRC Section 61. Under certain circumstances, however, a taxpayer may be able to exclude the amount of canceled debts from their income ...
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