02.07.23 Spend Less on Rx / Conducting A Layoff - Being Laid Off
The Clark Howard Podcast
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Cancellation of Debt
Carmen and Florida says I just received a 1099C cancellation of debt from an old debt that has passed the statute of limitations. If it is in fact a debt that you did owe that you did not pay then you are stuck reporting that as income on your income tax return. It doesn't mean you owe let's just say for argument's sake it was $500 you don't owe $500 in tax you owe tax on what would be $500 of additional income which might be $50 a hundred dollar something like that.
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