2006-11-11 17:25:44 · 2 answers · asked by debbie26_98 1 in Business & Finance ➔ Taxes ➔ United States
It is a cancellation of debt form and may be found here
http://www.irs.gov/pub/irs-pdf/f1099c.pdf
More info. at
http://ezinearticles.com/?Taxation-of-Forgiven-Debt:--The-1099C--and-You&id=50619
2006-11-11 17:58:43 · answer #1 · answered by HCCLIB 6 · 0⤊ 0⤋
This form is used to notify the IRS that a debt over $600 was canceled. It is not that the form is new but how often it is being used that is news. As the amount of personal debt increased, in particular the mortgage industry's 100% plus loans on homes, people began to get in debt trouble. The work out a deal they believe will resolve the issue but are not told that the canceled debt could be taxable. If you get one of these see a tax professional quickly. Doing nothing could cost you a bunch at a time in your financial life that you really don't need an other problem.
2006-11-12 02:50:30 · answer #2 · answered by ? 6 · 2⤊ 0⤋