A 1099C form is sent at the end of a financial year when a lender forgives a portion of your debt. You'll have to pay tax on the cancelled amount.
Asked on Wed, 02/15/2012 - 07:58
I recieved a cancellation of debt form 1099c in the mail last day. Will I have to pay taxes on this? If so, how much have I to pay as I live in CA.