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Cancellation of debt
I received a 1099-C "Cancellation of Debt" for 2021. In 2018 we finished a Chapter 13 bankruptcy where a home equity loan was written off and in 2021 they Cancelled the written off debt. Since we had no way of paying the written off debt in the Bankruptcy, is the Cancellation of Debt taxable or do I need to fill out the Form 982?
March 19, 2022
12:38 PM