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Latest revision as of 02:05, 29 August 2026
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In previously mentioned scenario, merely saved $7,500, but the government considers it income. In case the amount is now over $600, the creditor can be send just form 1099-C. How can it be income? The irs considers "debt forgiveness" as income. So how can you get out of increasing your taxable income base by $7,500 with this settlement?
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