Debt cancellation $800
Cross-Country
Joined: Aug 2016
Posts: 91
Likes: 1
From: North Texas
Debt Cancellation is when a creditor deems the amount to not be collectible, and writes it off as a loss. The creditor may send a 1099M (i think thats the form) for Cancellation of Debt.
In most cases Cancellation of Debt under $250,000 is NOT taxable. Consult your tax adviser for more detail and how this applies to your situation.
In most cases Cancellation of Debt under $250,000 is NOT taxable. Consult your tax adviser for more detail and how this applies to your situation.
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