Can bankruptcy stop taxes owed to the IRS if it's thousands of dollars being owed? Example: $70,000 worth of taxes owed because a 1099-C was given after foreclosure on multiple investment properties.

A bankruptcy attorney should be able to answer that one. In our state many first time visits are free so that questions like that can be answered.

It is a maybe, normally no IRS debts are not discharged there are harrdship exceptions, but they are looked at on a case by case basis.
So you will not know for sure until you file and go to the hearings

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Originally Posted by Millertyme

Can bankruptcy stop taxes owed to the IRS if it's thousands of dollars being owed?? Example: $70,000 worth of taxes owed because a 1099-C was given after foreclosure on multiple investment properties.

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You might want to look into an offer in compromise with the IRS. It could possibly reduce the amount of tax, depending upon your situation and set up a payment arrangement.
Don't forget you may have state taxes on this as well, unless you live in a state with no income tax.

If the debt was included in the bankruptcy, then if would not be subject to taxes. Also, a 1099C is not subject to the tax if you can prove insolvency.