My Relative paid for several credit card debts w/ a loan to me and now I have been given 1099. How do I prove I am insolvent since I have very little money?
MukatA
Mar 6, 2009, 10:38 PM
You mean 1099-C for debt cancellation. Report this as income on your tax return. Read about debt cancellation, Your U.S. Tax Return: The U.S. Income Tax Topics 1 (http://taxipay.blogspot.com/2008/08/us-income-tax-topics-1.html)