If I get a 1099-C do I have to pay taxes on that amount?
Maybe. The IRS will automatically assume that the amount listed on the 1099-C is accurate and expect you to include that amount in your ordinary income when you file your tax return. Depending on the other income you earn and your tax bracket, the result could be a larger tax bill or smaller refund.
If I get a 1099-C do I have to pay taxes on that amount?
Maybe. The IRS will automatically assume that the amount listed on the 1099-C is accurate and expect you to include that amount in your ordinary income when you file your tax return. Depending on the other income you earn and your tax bracket, the result could be a larger tax bill or smaller refund.
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Caller: Joseph
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