Re: Another IF
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Posted by Bob3
(68.95.225.5) on July 07, 2004 at 14:48:00:
In Reply to: Another IF posted by Sky on July 07, 2004 at 14:36:29:
If the amount forgiven (only) by the Orig Creditor is $600 or higher, they will issue a 1099c with the amount forgiven. It is income and taxes are due on it -- UNLESS you are insolvent. 99.99% of Americans are insolvent. When you report it, you also report you are insolvent and nothing is due.
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