Tag Archives: 1099 for canceled debt

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You do NOT owe income tax after settling collections if you were INSOLVENT

Please check my 3/7/13 posting on 1099-Cs for important updates! I’m currently working with a client who is considering settling debts and concerned with having to pay income tax as his accounts are still owned by the original creditors.  So I did some research and I just reviewed the current rules. As always, I’m NOT […]

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