Re: Debt Cancel and IRS

Posted by celce (152.163.201.77) on July 02, 2002 at 20:16:09:

In Reply to: Re: Debt Cancel and IRS posted by Dan on July 02, 2002 at 17:58:00:

I agree that any amount of debt forgiveness over $600 is considered regular income by the irs...but much like the logic in credit validation...if the irs can't prove it...who am I to do their job? In my opinion one should be aware of this fact so it doesn't jump up and bite them in the a**...but if one does not get a 1099C...then unless they are patriotic to a fault and believe the tax system in this country is fair to the extreme....I would conveniently forget it...

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