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 …

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