Cancellation of Debt and Form 1099-C Reporting Requirements

Strategic Advisory Services

January 01, 2011
by Jessica Mac Naughton, CPA

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Jessica Mac Naughton Jessica Mac Naughton, CPA

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The current economic downturn has lead to an increase in the
number of charge-offs, foreclosures, and cancellations of debt. After
a debt has been cancelled, a financial institution must determine
whether Form 1099-C, Cancellation of Debt, should be filed. This is
not always an easy question to answer.

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