Quality Credit Repair Shares Information About Taxation on Cancelled Debts
When a creditor cancels a debt, there is a good chance that they will file a 1099-C form with the IRS. If that happens, the IRS will consider the cancelled debt additional income to the person whose debt it was, and they will tax it accordingly. This is becoming an increasingly common practice among creditors nationwide, which is why Quality Credit Repair, a company that specializes in credit reports and credit tips in Montgomery County, P A, wanted to share...
View full press release