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2. Cancellation-of-debt income - Wikipedia

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

   Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).

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

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

   In most cases, you must report canceled debt as ordinary income on your federal tax return — even if the debt was less than $600 and you never received a Form 1099-C. List your canceled debt on ...

4. Personal loans: Are they taxable income? - AOL

   www.aol.com/finance/personal-loans-taxable...

   When filing taxes, you must report forgiven debt as cancellation of debt (COD). Personal loans can cover nearly any expense and are generally not considered taxable income unless the loan is forgiven.

5. Are personal loans taxable? How personal loans affect your ...

   www.aol.com/finance/personal-loans-affect-tax...

   Exception: Cancellation of debt (COD) income If there’s ever a point where your loan gets fully or partially canceled, you’ll receive a 1099-C tax form from your lender that issued the ...

6. Mortgage Forgiveness Debt Relief Act of 2007 - Wikipedia

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

   At the time of borrowing, the loan proceeds did not have to be reported as income because there was an obligation to repay the lender. Forgiving that obligation makes those loan proceeds income. The lender is usually required to report the amount of the cancelled debt to the borrower and the IRS on a Form 1099-C, Cancellation of Debt. [4]

7. Cancellation of Debt (COD) Income - Wikipedia

   en.wikipedia.org/?title=Cancellation_of_Debt...

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8. What Is IRS Form 1099-C: Cancellation of Debt? - AOL

   www.aol.com/irs-form-1099-c-cancellation...

   If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can't simply forget about it. The IRS may consider the ...

9. Zarin v. Commissioner - Wikipedia

   en.wikipedia.org/wiki/Zarin_v._Commissioner

   According to the decision, a cancellation of debt through settlement proceedings, no matter the amount of pre-settlement indebtedness, releases the taxpayer from the debt obligation without creating taxable income. "The excess of the original debt over the amount determined to have been due is disregarded for both loss and debt accounting ...