1099S and 1099C
Date: Sat, 04/02/2011 - 19:38
If you've receive a 1099c form, then it means that your lender/c
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.