Business, Legal & Accounting Glossary
Cancellation of Debt. This form is used for dealing with tax that must be paid when a personal debt has been cancelled by its creditors. This form is typically only used when a debt has gone unacknowledged for a certain period of time. The creditor can report this “lost income” to the IRS in order to lower their tax burden.
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Definitions for 1099-C Form are sourced/syndicated and enhanced from:
This glossary post was last updated: 13th November, 2021 | 0 Views.