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  1. File Form 982 with your federal income tax return for a year a discharge of indebtedness is excluded from your income under section 108 (a).

  2. 2021 Form 1099-C - Internal Revenue Service

    www.irs.gov › pub › irs-pdf

    Form . 1099-C. 2021. Cancellation of Debt. Copy B. For Debtor. Department of the Treasury - Internal Revenue Service. This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if taxable income results from this transaction and the IRS ...

  3. What if my debt is forgiven? | Internal Revenue Service

    www.irs.gov › newsroom › what-if-my-debt-is-forgiven

    May 04, 2021 · Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

  4. Form 982 (Rev. March 2018) Department of the Treasury Internal Revenue Service . Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

  5. Offer in Compromise | Internal Revenue Service

    www.irs.gov › payments › offer-in-compromise

    May 03, 2021 · If you apply for an offer in compromise April 26 or later, use the April 2021 version of Form 656-B, Offer in Compromise Booklet PDF. An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship.

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  7. About Form 656, Offer in Compromise | Internal Revenue Service

    www.irs.gov › forms-pubs › about-form-656

    Sep 19, 2020 · Use Form 656 when applying for an Offer in Compromise (OIC), which is an agreement between you and the IRS that settles your tax liabilities for less than the full amount that you owe.

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