You will receive a 1099-C Cancelation of Debt form if a lender forgives more than $600 of taxable debt. You must include the ...

Pursuing certain types of credit card debt relief could have a big impact on your taxes. Here's what you need to know.

As long as the total of your liabilities exceeds the value of your assets when your debt is canceled, you may claim the ...

The lender is usually required to report the amount of the canceled debt to you and the Internal Revenue Service on Form 1099-C, Cancellation of Debt. In your case, you defaulted on the loans and ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. Having an overwhelming amount of debt ...

Amounts forgiven through debt settlement may be taxed as income by the IRS. An IRS worksheet shows how to avoid paying taxes on debt settlement when you're insolvent. Taxpayers who are insolvent ...