Search Help

Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
November 2010

Word Count:



Income Tax on Debt Relief



We turned over $40,000 in debts to a debt-relief group that helped us in two ways:



They got the debt reduced to $30,000 because of the outrageous interest rates charged by the credit card companies.


They got us on a pay plan that works great.


However, we just learned that we are going to receive a 1099-C for cancellation-of-indebtedness income of $10,000. How do we get out of paying taxes on this $10,000? (T.C., Kissimmee, Fla.)




Debt relief ... Log in to view full article.

Already a subscriber?
Email Address

You’ll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter
Not yet a subscriber?
with a money-back guarantee

Powered by Cranium Softworks - CMS, Subscription Mgmt & Web Development