Sometimes a debtor could be overwhelmed by debt repayments and may need to negotiate for debt cancellation. If you get one, the IRS considers it an income, and it is taxable. That's...
Posted by CORE PERFORMANCE on 05/22/2022
Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...
Posted by CORE PERFORMANCE on 07/31/2021
IRS Form 1099-A is an informational declaration that reports the application of a property. Homeowners typically receive an IRS Form 1099-A from their lender after their home has been...
Posted by Taxes Made EZ Inc on 11/19/2020
If a creditor acquires your property through foreclosure and evicts you, or if you surrender your property before the eviction, the lender will send you an IRS Form 1099-A Acquisition...
Posted by Tucker Accounting Services LLC on 03/05/2021
If after negotiating a debt cancellation with a lender and you receive a Form 1099-C, in most cases you’ll have to report the amount on that form to the Internal Revenue Service...
Posted by John Pournaras Agency on 06/25/2019
If you as a couple have decided to go your separate ways, you may be looking for help on how to apply for a divorce. Divorce is a legal proceeding known for its complicated turns and...
Posted by Lone Star Tax Group on 12/29/2017
