I recieved a 1099c today, i called the company they said "it was forgiven"but for me to take it to a tax person.. well i use turbo tax so now what?
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Tax Professional Answers
This is a complicated situation. It depends on what type of debt was forgiven, if it was secured by physical property, if the property was repossessed or foreclosed, if you were solvent at the time of the debt being forgiven, etc. I would recommend that you use a tax professional this season. Depending on the size of the debt it could save you a ton of money.Leave a Comment 388 weeks ago