The Tax Form Everyone Fears

If you settled an outstanding debt in 2013, you may have more paperwork to fill out.

 

Creditors who forgive debts of $600 or more are required to file a Form 1099-C Cancellation of Debt, because the Internal Revenue Service says you must include canceled debt in your gross income. You then have to pay taxes on that so-called income, unless you qualify for an exception.

 

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