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Deductions & credits
Here is a great article on the subject of the form 1099-C and bankruptcy and taxes. In any case you do need to contact the IRS. The two scenarios are:
1. If the 1099-C is because of/part of the bankruptcy, you will complete a form 982 to file with your return as there will be no income as there would be no debt.
2. If you got the 1099-C and then filed for bankruptcy, you contact the IRS due to insolvency.
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‎February 17, 2020
1:28 PM