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1099-C, Forgiveness of Debt
December 14, 2023
Q. I have two questions regarding 1099-C, Forgiveness of Debt; 1. From an IRS point of view, is a charge-off the same as forgiven debt?
2. We discovered a situation where we forgave about $200k in debt and our borrower was going to pay us around $50k. Our borrower paid $48k and we are forgiving the additional $2k and reporting for the 2023 tax year. We have been unable to determine if the original $200k was reported correctly. If the original amount was not reported correctly, is it too late to…
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