You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the ...

The company that canceled the debt that will issue a Form 1099-C that you'll file with your tax return. Getting something you expected to pay for at a deep discount or even for free is exciting.

If you borrow money (credit card debt is borrowed money) from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount as income for tax ...