You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable income. ・If forgiveness occurs in 2026 or later, you’ll likely receive Form 1099-C ...

Question: My wife and I filed for bankruptcy protection last year to get out from under an overwhelming amount of credit card debt. Will we have pay taxes on any forgiveness or cancellation of the ...

Question: I successfully filed for personal bankruptcy protection in 2025 under Chapter 7 to get out from under an overwhelming amount of credit card debt and back taxes created during the COVID years ...