Category Archives: IRS 1099

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Only forgiven PRINCIPAL is subject to a 1099-C upon settlement or non payment – NO tax if you were insolvent

I see more and more 1099s not only after settlements, but because lenders chose to stop collecting. If you settle accounts for less than the full balance, you might well get a 1099 from the creditor if the discount was for more than $600. Many original creditors are sending out 1099s when the SOL expired […]

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