Download an official IRS 1099-C: https://eforms.com/irs/form-1099/c/

IRS Form 1099-C is a document that shows canceled or forgiven debt. If a lender forgives a debt you owe, they send you this form to report the forgiven amount. It's important because the IRS might consider this amount as taxable income, and you might need to report it on your tax return.

In this video we’ll cover:
An overview of Form 1099-C
Who needs to file it
Deadlines
Situations that involve multiple lenders on one debt or multiple debtors on one debt
FAQs
DISCLAIMER:
This video is strictly for educational purposes and is in no way intended to provide legal advice. We do not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information on this video is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of our videos.


#debtcancellation #taxableforgiveness #debtrelief #taxreporting #canceleddebt #eforms


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0:00 Intro
0:30 What is a 1099-C?
1:18 When would a 1099-C need to be filed?
2:08 Are there any exceptions?
3:08 What if the debt is owed by multiple people?
3:35 Conclusion and where to get an offical form