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In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. However, there are a few exceptions:
If taxable, you'll need to amend Federal and state. However, Form 1040X Amended U.S. Individual Income Tax Return won't be available before 02/14/2024.
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