If you have more than $600 of debt forgiven, your lender should send you a 1099-C Cancellation of Debt form. This form is a tax document that the lender is required to file. It will help you determine ...

Question: My wife and I filed for bankruptcy protection last year to get out from under an overwhelming amount of credit card debt. Will we have pay taxes on any forgiveness or cancellation of the ...

・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable income. ・If forgiveness occurs in 2026 or later, you’ll likely receive Form 1099-C ...

When debt is cancelled or discharged, the borrowed funds become taxable income, or cancellation of debt income (CODI). Some exceptions, such as bankruptcy and insolvency, apply but reduce other ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Suppose that your uncle loans you money, but later tells you not ...

Question: I successfully filed for personal bankruptcy protection in 2025 under Chapter 7 to get out from under an overwhelming amount of credit card debt and back taxes created during the COVID years ...