Debt that is canceled or forgiven is considered taxable income, something many borrowers don't realize until they receive a 1099-C tax form from their lender. The IRS projects that creditors will send taxpayers 6.4 million 1099-Cs in 2012, up from 3.9 million in 2010.Just a reminder.
Monday, March 05, 2012
Canceled credit card debts come back to haunt taxpayers
USA Today reports:
