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Irs 1099 Cap Form

Irs 1099 Cap Form

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What is a W-9 tax form? What is a W-9 tax form?

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Video instructions and help with filling out and completing Irs 1099 Cap Form

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Instructions and help about the 1099 cap

hello in this video we'll be going over IRS form 1099-C cancellation of debt so if you receive this tax form it's because either a federal government agency or some sort of financial entity such as a creditor A lender uh has discharged which means they've either cancelled or forgiven debt that you owed uh or an identifiable event such as bankruptcy procedure proceedings a foreclosure a short sale something has happened that's considered by the IRS as an identifiable event and this event or the debt discharge was at least $600 or more so if they've discharged that debt you're they're required to issue you a form 1099-C if that debt exceeds uh $600 however uh generally you're supposed to include uh any discharge debt in in your income unless it's otherwise excluded by the tax code even if that's less than $600 and even if it's not reported to you on a form 1099c so you would simply report that as othe

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