John R. asked
I received a 1099-C in 2022 for debt forgiveness from 2014 when I was insolvent. Do I need to report this as income in 2022 since I was solvent at that time, or can I claim insolvency from 2014 to exclude it from my taxable income?
March 21st, 2024
Michael M. answered
You may need to report the forgiven debt as income on your 2022 tax return, but you can potentially ...
March 21st, 2024
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