Archive for the 1099-C Tag

cancelled

Old debt, New Tax Laws

TweetHave you ever been issued a credit card that was charged off due to non payment?  Did you know that a charged off credit card balance is considered taxable ordinary income, according to the IRS.  Charged off credit card debt that is either canceled or forgiven may cause taxpayers to receive a 1099-C.  A 1099-C is a tax form issued
Read more…