Tax Forgiveness on that 1099

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Mortgage Debt Forgiveness on Short Sale and Foreclosure 1099 TAXES Is EXPIRING (888) 909-9044 Debt Forgiveness You may be able to exclude part or all of the 1099-A and 1099-C amount on your principal residence under the Mortgage Forgiveness Debt Relief Act of 2007.

A 1099 tax form is a record that an entity or person – not your employer – gave or paid you money. The payer usually has to generate the Form 1099.

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To assist you in reporting your canceled debt, the lender is required to provide you with a Form 1099-C, "Cancellation of Debt," showing the canceled debt and any interest that was forgiven. This subject can get fairly technical, so you may want to consult with an accountant or tax attorney.

It’s perhaps the biggest tax mess of 2012: An estimated 6.3 million 1099-C forms reporting cancellation of debt income have gone out to taxpayers. Some of those forms are being sent to consumers for.

What is a 1099-C? According to the IRS, if you have canceled, forgiven, or discharged debt for less than the amount you pay, the amount of the canceled debt is taxable income. If this is the case, you need to report your canceled debt on on a Form 1099-C, or Cancellation of Debt, for the year the cancellation is set into place.

You should have already received a form 1099-G to help you with your tax. according to the Mortgage Forgiveness Debt Relief Act of 2007, you most likely will not have to pay taxes on that forgiven. The Mortgage Forgiveness Debt Relief Act is.