is there a way to get around the 1099 form when yo

is there a way to get around the 1099 form when you settle a debt?

3 Answers

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True. You're supposed to receive this form when the creditor agrees to settle your debt for a lesser amount than what you actually owe. The debt probably has to be more than $600. The IRS treats this forgiven amount as your income, and your creditor shows it as a loss on their income statement.

Once your debt is settled, the lender will forgive a certain debt amount. The creditor will send you a 1099 form for the forgiven debt amount. You will have to submit this when you file your taxes. The forgiven debt amount will be considered as your income and you will be liable for paying taxes.

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