You will receive a 1099-C Cancelation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

A ‘tax bomb’ is set to detonate on New Year’s Day. The blast could throw the finances of millions of student loan borrowers ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas ...

The student loan debt tax bomb can happen when you have to pay taxes on the student loan forgiveness you received. However, ...

If you borrow money (note: credit card debt is borrowed money) from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount as income for ...

Compare tax relief providers that match your needs. Find Tax Experts Reduce your tax burden now Tax debt is more common than you may think. Millions of taxpayers likely have some form of IRS tax debt, ...

When you're struggling with growing credit card debt, finding relief can feel like a weight has been lifted off your shoulders. Whether through negotiated settlements, forgiveness programs or ...

There can be a hefty amount of stress that comes with owing money to the Internal Revenue Service (IRS), and if you aren't able to get rid of your tax debt quickly, that burden runs the risk of ...

With debt forgiveness, creditors pardon some or all of your debt. Various types of debt may qualify for forgiveness. Debt forgiveness can offer relief from overwhelming financial burdens, but it does ...

The American Rescue Plan Act of 2021 will make most student loan forgiveness tax-free until 2025, then borrowers may owe thousands in taxes.