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I used your services in 2010. I recently received a 1099-C Debt forgiveness on a loan that was part of the original loan package. Should I file my taxes as usual and ignore the 1099C?

asked by Gary C. on 2/1/17

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Is you walk away out of business?
Does anyone know about the tax liability for the amount of money the bank forgives on a foreclosure? I heard that after 12/31/2012, the IRS can tax that loan forgiveness amount as income.

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