Key Points ・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable ...

Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven ...

A 1099 form is used to document income received outside of a permanent salaried job. This includes money earned from gig work ...

WASHINGTON, DC - MAY 19: Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service speaks at a Senate Appropriations Subcommittee hearing on Capitol Hill May 19, 2021 in Washington, ...

You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...