The Tax Preparation Blog

Posts Tagged ‘return’

Question: Must I report my 1099C amount as income on my Federal Tax Return?

I paid off an old credit card debt. They offered me a settlement amount and I paid it off. The company that I paid it off with sent me a 1099C “Cancellation of Debt” Form. A copy of which was sent to the IRS. The instructions on the form said there are some exclusions. One exclusion is “certain debts reduced by the seller after purchase”. Does anyone know anything about this? Thanks in advance.

Answer: 1)Review the backside of your copy of the 1099C for instructions on how to or if to report.

2)page 18 of publication 525 (irs.gov)
Generally, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the cancelled amount in your income. …nonbusiness debt…include the income on line 21

3)page 21 of Publication 908 Review
Debt Cancellation and Exceptions and Exclusions

Just know that if you do not report or explain why you are not reporting the 1099C, the IRS will be sending you a CP2000, which will require a response.

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W.Va. seniors must file tax return for personal income credit

CHARLESTON, W.Va. — West Virginia seniors who claim the Senior Citizens Personal Income Tax Credit must file a state income tax return this year, according to state Tax Commissioner Christopher G. Morris. “By requiring qualified Senior Citizens Perso…

Inheritance Tax Returns

Apollo Group, Inc. Reports Fiscal 2010 First Quarter Results

PHOENIX—-Apollo Group, Inc. today reported financial results for the three months ended November 30, 2009.

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