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Cancellation of debt occurred from a visa account in 1995 but I received a 1099c from IRS in 2006. Would statute of limitation erase owing IRS any tax?
Wiki User
∙ 14y ago
Cancellation of Debt Income is taxable to you in the year that the creditor officially cancels the debt. It is possible, though a little strange, that they didn't actually write this debt off until 2006. Statutes of limitation have nothing to do with it.
You should explore several exceptions that may apply to the taxability of this. Cancellation of Debt Income is not taxable if it is forgiven in a bankruptcy. It is also not taxable if you were "insolvent" on the date that the debt was forgiven. Insolvency simply means that your liabilities (debts) exceed your assets. If you believe you qualify for the insolvency exception, you should attach a Form 982 to your tax return to claim the exception.
Wiki User
∙ 14y ago
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