I received a 1099-C in the mail. What do I do with it?

A 1099-C is a form that shows a debt that was forgiven, usually from your credit card company.  Because it is reported in this manner, the IRS considers it income, and in most cases, the amount forgiven is taxable. There are some exceptions, but it is best to see a tax professional to assist you with your particular situation. Whatever you do though, don’t ignore it!  The IRS received a copy just like the one you have, and they will be expecting you to show that on your tax return.

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