Tax on settled amount
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Posted by Julie
(65.58.124.115) on December 10, 2002 at 20:49:08:
How to prove that I am insolvent in order to avoid tax payment on forgiven debt. I have settled and saved about $6000 of my cc debt which I am expecting a 1099c for but I don't know how to file the tax and claim this as insolvent. I don't have a house or other assets and my debts are still $20,000+ with an income of less than $50,000 anually. Please help!
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