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2. What is a 1099-C Cancellation of Debt form? - AOL

   www.aol.com/finance/1099-c-cancellation-debt...

   Key takeaways. 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 ...

3. Which debts can’t be discharged in bankruptcy? - AOL

   www.aol.com/finance/debts-t-discharged...

   Many types of taxes cannot be discharged in bankruptcy, ... For example, federal or state income taxes with a return due at least three years prior to filing may be eligible under Chapter 7. This ...

4. Chapter 13 bankruptcy: What you need to know - AOL

   www.aol.com/finance/chapter-13-bankruptcy-know...

   Federal taxes are unlikely to be discharged with a bankruptcy, so speak with your attorney if you owe money on taxes within the last three years. Your debts do not exceed the limit.

5. Cancellation-of-debt income - Wikipedia

   en.wikipedia.org/wiki/Cancellation-of-debt_income

   If COD income is excluded from gross income, the taxpayer's tax attributes must be reduced, [33] which is done through IRS Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness). A taxpayer's tax attributes are, and must be reduced in the following order: [34] Net operating loss (NOL) – Any NOL of the taxable year of the ...

6. Personal bankruptcies are up. When does it make sense to file?

   www.aol.com/personal-bankruptcies-does-sense...

   Chapter 7 is a liquidation bankruptcy, where one's nonexempt property and assets — possessions not protected by bankruptcy — are turned over to a trustee, and debt is discharged in 3 to 6 months.

7. Mortgage Forgiveness Debt Relief Act of 2007 - Wikipedia

   en.wikipedia.org/wiki/Mortgage_Forgiveness_Debt...

   The Bipartisan Budget Act of 2018 renewed it for all of the tax year 2017 and offered a wide range of individual and business tax benefits that had expired at the end of 2016, including the "exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982." [2]