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1099S and 1099C

Date: Sat, 04/02/2011 - 19:38
Submitted by on Sat, 04/02/2011 - 19:38
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I received a 1099C at the same time I received the 1099S. What will these two forms have impact on my tax returns?

Thanks.


If you've receive a 1099c form, then it means that your lender/creditor has forgiven a part of your debt. This forgiven debt will be considered as your income by the IRS and you will be liable for paying taxes on the same.

Form 1099-S deals with the proceeds from real estate transactions. If you gain profit from any such transactions, then you will be liable for paying taxes.


Submitted by Anna Sweeting on Mon, 04/04/2011 - 03:16

Anna Sweeting

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