I Filed Bankruptcy But Still Got 1099-C Forms So What Do I Do Now?

Question: Dear Steve, Had a ch 7 bankruptcy filed 12/14 and discharged 4/15. there were multiple properties (different banks) that were included in the bankruptcy. I have received multiple 1099-c with codes showing “by agreement” and another that says “foreclosure agreement”. however we were never foreclosed and the properties were included in the bankruptcy and … Read more

How to Claim the Insolvency Exemption for Canceled Debt Reported on Form 1099-C

It’s that time of year again. Millions of people who settled or had debts forgiven last year are receiving Form 1099-Cs for Cancelation of Debt Income and wondering if they will have to pay taxes on the forgiven amounts. Many people are shocked to learn they might owe taxes on canceled debt balances. But it’s … Read more

Don’t Overlook the Insolvency Exemption for 1099-C Cancelation of Debt Income

It’s that time of year again, when people are receiving 1099-Cs for debts forgiven or canceled during 2013. Perhaps you were in a debt settlement program with successful results, and a lot of debt was forgiven. Or it may be that your creditor decided to formally cancel an old delinquent account to close out their … Read more