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.

It’s important to understand how it works when you file your returns. You’ll receive a 1099-C tax form. The lender will send this form to you if more than $600 of personal loan debt is canceled.

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 ...

There are many different versions of the Form 1099 depending on the type of income you need to report when you file your return. Keep in mind that you’re not the only one who receives these forms – ...