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    Jonmacmom's Avatar
    Jonmacmom Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 9, 2009, 08:29 AM
    Any breaks on 1099-C for cancelled debt?
    We have a couple 1099-c's from settling with creditors (credit cards). My husband thought he heard that there might be a break on those because there are so many people settling with creditors right now. Do you know anything about this?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 9, 2009, 09:39 AM

    In case of foreclosures there is some relief. I don't know if there is any relief for credit card debt cancellation.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 23, 2009, 03:02 PM
    To my knowledge, there is NO tax relief for forgiven credit card debt UNLESS you can clearly show that you can not pay the added taxes from ths imputed income.
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