Telling the IRS About Cancellation of Debt and Acquisition of Property
As the end of the year draws near, it’s time to start thinking about tax filings—including 1099-C and 1099-A reporting. Neither is difficult (especially after changes made to 1099-C rules a few years ago), but both have potential pitfalls that can have nasty consequences if you aren’t careful or don’t know what you’re doing.
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