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Smart Strategies to Avoid Taxes on Settled Debt
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Smart Strategies to Avoid Taxes on Settled Debt
Settling debt can feel like a huge relief until the IRS sends you a tax bill for the forgiven amount. Most people don’t realize that when creditors forgive debt over $600, they typically issue a 1099-C form that treats that forgiven amount as taxable income. This means you could end up owing thousands in taxes on money you never actually received, turning what seemed like financial progress into an even bigger problem. That’s why learning effect…
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