Field Rep Alleges Mortgage Order Mill With New Boat & BMW Is A Dirt Bag … So File A 1099-C With The IRS

According to the IRS, if a debt is canceled, forgiven or discharged, you must include the canceled amount in your gross income, and pay taxes on that “income,” unless you qualify for an exclusion or exception. Creditors who forgive $600 or more are required to file Form 1099C with the IRS.

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