Do you have to pay taxes on 1099c?

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A 1099-C is a cancellation of debt form. The technical answer to your question is yes, however, under certain circumstances you may be able to avoid paying by showing insolvency, like in the case of a foreclosure. A 1099-C applies when you borrowed money, since you were expected to pay it back then in that instance you are not required to pay back. When the situation arises and you are unable to pay the debt, the lender has to cancel the debt, however, at the time the debt is cancelled the amount you had borrowed becomes income since you are not going to pay it back. In that case, like almost all income it is subject to income taxes. There are exeptions, like in the case of a foreclosure, however, you have to qualify. To figure out if you qualify it is imperative that you check with an excellent accountant or someone that deals with tax liability (i.e. Enrolled Agent) and understands tax law. Hope this helps. Roger Hadad, Effectur Inc.,
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Why do you pay taxes?

Because we are required to pay the federal income taxes on our gross worldwide income.

I filed a 1099c for debt and the account was sold to a new creditor do I have to pay?

Answer . You mean you received a 1099C had (cancellation of debt)income because you had a bankruptcy or failed to pay what the persdon issuing it to you had loa

What do taxes pay for?

See the "Grace Commission Report". The report said that 100% of what is collected is absorbed solely by interest on the National Debt, and by federal government contributio

Why pay tax?


Why do you pay tax?

tax is for the city. the money you pay in tax goes to the city and is used to improve parks,street cleaners library, public pools, etc. anything that is used for the city. som

Why pay taxes?

Because someone has to pay for the roads and social programs. If you don't want to pay for this, vote for politicians that want to eliminate taxes and make everything private.

What does taxes pay for?

Taxes don't actually pay for anything. They go to the Federal Reserve, which is a private owned corporation, not run by the government.

How do you get a 1099c?

See my answer to post "Collections after 1099c???". A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance

Who has to pay taxes?

If you mean INCOME TAX, with virtually no exceptions,, In the U.S.A., everybody who has income has to report, while payment actually starts, depending on factors like narriage

How do I pay taxes?

Paying taxes is a fairly simple process through the IRS taxwebsite. Simply access the site, create an account, and you shouldbe able to access what you owe or fill out your ta