Cancellation of Debt – 1099c

Helping You File For Debt Forgiveness

  • Did you receive a 1099C for Cancellation of Debt?
  • Did you know this might be Taxable?
  • Are you Insolvent (unable to pay taxes owed) or do you plan to file Chapter 11 Bankruptcy?

Below are some of the circumstances where Cancellation of Debt Income/1099C can be excluded:

  1. The discharge occurs in a Title 11 case
  2. The discharge occurs when the taxpayer is insolvent
  3. The indebtedness discharged is qualified farm indebtedness
  4. For taxpayers other than a C corporation, the indebtedness discharged is qualified real property business indebtedness (QRPBI)
  5. Qualified principal residence indebtedness (QPRI) discharged before 2010

Save yourself a significant amount of money and stress by letting a Pembroke Pines, FL CPA handle your debt worries. Email us at help@taxespembrokepines.com or call us at 954-894-2003.