IRS Form 1099-C Explained with Form 982 for Cancelled Debts

2023 Update: • Form 1099-C & Form 982...
IRS Form 1099-C is filed when a creditor forgives debts owed by the debtor. Under U.S. tax rules, the dollar value of canceled debt is included in gross income under IRC Section 61.
Under certain circumstances, however, a taxpayer may be able to exclude the amount of canceled debts from their income using IRS Form 982.
In this example, we have a taxpayer with forgiven credit card debts. The taxpayer is claiming the insolvency exclusion to not include a portion of the canceled debts in their taxable income.
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#Form1099C #Form982 #CanceledDebt #IRS

[@deandregriffin3754]

I really want to tell you thank you for taking the time to share this information with us, you are a blessing 🙌

[@joselizarragaphoto9253]

Thank you so much for this, it helped me to file my taxes correctly this year, along with 7 1099-C forms. Your guide on the 982 Form was gold, once I grasp the concept and the formula, "Basis Value ÷ by Total Basis Value, then X amount excluded. I had issues in the 2019 with that part, the attachement to the 982 Form, and it came back to hunt us later. Txs!

[@sonjo2419]

Hello.. Do I have to file tax form then 1099 and 982 attached

[@matthewargyropoulos535]

In the case of a settlement, do you include the amount of total debt before the settlement on the insolvency worksheet, or just the amount that was forgiven?

[@sonya5568]

This question. I had a high debt I paid off so what form?

[@TierrneshaMaynard]

Good video hopefully you have more coming soon. Could you teach on Remittance coupon

[@beyondalpha1072]

I am on Disability , I make less than 20,000 is SS so i have not filed in years, im not required , i got a few of these. Do i need to file?

[@RafaelVictor]

Will this help for canceled student loans under new student loan laws

[@lisalangley5748]

How about a 18 year old car loan? IRS sent me a 1099c for 2023 taxes and I haven’t been able to work for four years.

[@moniesims000]

hello how do i get the credit card company to cancel my debt what form do I file.

[@ginaostermeier2402]

I need to know the same

[@emoryjones]

Can this be used on unfair child support?

[@HostileGingerATL]

Look up “Child Support Made Simple”. Stop paying those tyrant fucks.

[@ginaostermeier2402]

I am disabled and I don’t pay taxes. How can I cancel the debt from my credit cards. How do I get a 1099c from my credit card company. Basically how can I get my debt forgiven?

[@willandwisdom]

Qualified residence 🔥🔥

[@theblackharted]

Jason I appreciate the fine detail you go into, and your videos are straightforward without all the overproduction and annoying intros. I was hoping you had a video discussing the formation of an entity related to my situation which may be quite common. I happen to live in FL and I'm about to sell SaaS (software as a service). I want an anonymity so I'll open an LLC in one of the anonymous states, but my question is whether I need to bother registering a foreign LLC with SunBiz. I'm a solo with no employees and no office. Just transacting with online subscriptions worldwide. Can I just pay for a virtual office in Delaware for my place of business?

[@creditrepairwizards]

Dont lenders sell the debt to 3rd parties and NOT forgive it and NOT file a 1099 -c with the IRS? Doesnt the new owner try to collect the debt from you?

[@Moneyman-lx3nw]

Property taxes

[@sojibrajiiii]

Hello Sir, How are you? Really awesome video but your thumbnail wasn't good, If you want I can help you 🙏

[@Moneyman-lx3nw]

Everything is debt

[@wandameadows5736]

irs are crooks

[@gustavomcmillian7360]

THIS!!!!