Note:The exclusion for canceled debt on a primary residence has not been extended to tax year 2018.
In certain cases, yes. Although the IRS generally considers canceled, forgiven, or discharged debt as taxable income, there areexclusions and exceptionsto the rule.
When youenter your 1099-C in TurboTax, we'll ask a series of questions to determine if some of all of your 1099-C debt can be excluded.
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