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:
- The discharge occurs in a Title 11 case
- The discharge occurs when the taxpayer is insolvent
- The indebtedness discharged is qualified farm indebtedness
- For taxpayers other than a C corporation, the indebtedness discharged is qualified real property business indebtedness (QRPBI)
- 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 firstname.lastname@example.org or call us at 954-894-2003.