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Bankruptcy

: The Debt Podcast

I Filed Bankruptcy And Got A 1099 Do I Owe Tax?

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The IRS requires banks and financial institutions to report the cancellation of debts.  This can happen when there is foreclosure, if there is a settlement on a consumer debt, or if the bank is simply unable to collect the debt within the time allowed by law.  Bankruptcy can prevent tax liability but some creditors will report [...]

Full post as published by The Debt Podcast on November 26, 2008 (boomark / email).

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