Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Latest revision as of 10:51, 27 February 2025
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In the above scenario, you just saved $7,500, but the government considers it income. In the event the amount is over $600, then creditor is required to send just form 1099-C. How can it be income? The internal revenue service considers "debt forgiveness" as income. How exactly can obtain out of skyrocketing your taxable income base by $7,500 along with this settlement?
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