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 ...

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 ...

・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 ...

You won't owe the IRS money on your forgiven balance, but a handful of states tax canceled debt as income. Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Suppose that your uncle loans you money, but later tells you not ...

Personal loans are a lump sum of money that can be used for nearly any purpose. The money is only taxable in the event that the loan is forgiven. When filing taxes, you must report forgiven debt as ...

Question: After losing my business and a temporary job, I fell behind making payments on my credit card debt. I am planning to file for bankruptcy protection to get out from under by overwhelming pile ...