Re: What does a 1099c mean to me?

Posted by Jake (65.64.48.166) on November 27, 2003 at 15:48:17:

In Reply to: What does a 1099c mean to me? posted by Heidi on October 18, 2003 at 12:19:21:

If you have a "forgiven debt", which means that your creditor is giving up on trying to collect from you, if it is over $500 then they are required to fill out a 1099-C for the IRS. If your debt is forgiven than the IRS considers the forgiven debt as income that you must pay taxes on. This is what the 1099-C is for.

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