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nphauge1
New Member

How do I know if a cancellation of debt from my 2018 tax return is taxable?

I received a letter from the IRS stating that I had a cancellation of debt in 2018 which I didn't file on my return because I don't remember receiving the 1099C they are referring to.  Now I am being billed for $517 plus interest for all of 2019.  A lawyer informed me that the cancelled debt may not be taxable and this could be changed.  How do I know if it is?
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How do I know if a cancellation of debt from my 2018 tax return is taxable?

The IRS has a whole page on that:

https://www.irs.gov/taxtopics/tc431

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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1 Reply

How do I know if a cancellation of debt from my 2018 tax return is taxable?

The IRS has a whole page on that:

https://www.irs.gov/taxtopics/tc431

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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