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Get your taxes done using TurboTax
It's possible to exclude debt forgiveness that falls under certain IRS rules. This is a manual process that requires using TurboTax Desktop. Because this is a complex topic with a significant monetary risk, you may consider upgrading to TurboTax Experts. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.
Additional Information:
- How do I report excludable (non-taxable) canceled debt?
- When to Use Tax Form 1099-C for Cancellation of Debt
- IRS Tax Topic 431 - Canceled Debt - Is It Taxable or Not?
- IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments
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3 weeks ago