April 2019 Archives

Cancellation of indebtedness income and insolvency

On behalf of Law Office of Ronald V. De Caprio posted in Personal Bankruptcy on Thursday, April 4, 2019.

Most people in Rockland County are unlikely to be familiar with IRS Form 1099C or the term "cancellation of indebtedness income." A Form 1099C is one of the many methods of reporting income that does not appear on a Form W-2 or a Form 1099MISC. The arrival of a Form 1099C can cause unexpected income tax headaches, but both bankruptcy and insolvency offer an escape.

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