Debt Cancellation 

🚨According to the IRS, nearly any debt you owe that is canceled, forgiven or discharged becomes taxable income to you. You'll receive a Form 1099-C, "Cancellation of Debt," from the lender that forgave the debt. Common examples of when you might receive a Form 1099-C include repossession, foreclosure, return of property to a lender, abandonment of property, or the modification of a loan on your principal residence. 📍If you’ve received a 1099-C, don’t ignore it. The IRS is looking to have that income included on your tax return, unless there is an exception or exclusion. If you need any assistance, via tax filing or credit repair, allow us to serve you! 😊💲

2 views0 comments

Recent Posts

See All

Opening Day !!!

The IRS has finally set a date for accepting returns. Dont fret help is here. With all the changes to the tax laws it will be a little difficult this year. I am here to help. Book now.

Changes to EITC

Child Tax Credit & Earned Income Tax Credit Adjustments to how the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) are calculated for the 2020 tax year. During the pandemic, many indivi

We are open

Its opening day get all your info ready. I know times have been hard. Dont stress about filing your taxes let me help. Office is open and so is virtual assistance. Looking forward to helping with all

Subscribe Form

585-806-5377

Rochester NY

  • Twitter
  • LinkedIn

©2019 by Unlimited Taxes and More Rochester. Proudly created with Wix.com