Hello, I received a 1099-C for an old student loan. The loan holder declared bankruptcy and the holding company discontinued efforts to collect the balance. Is this taxable?

[Patrice]

Possibly, According to the IRS, if a debt is canceled, forgiven or discharged, you must include the canceled amount in your gross income, and pay taxes on that “income,” unless you qualify for an exclusion or exception. Creditors who forgive $600 or more are required to file Form 1099-C with the IRS.

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