Cancelled Debt Income is Taxable! Use IRS Form 982 to Reduce Taxes on COD Income

Описание: Join our FREE Discord Server:   / discord  
Join our Patreon:   / jasondknott  

For a 2023 update:    • Form 1099-C & Form 982 - Cancelled Debt Ta...  
For a 2022 update:    • IRS Form 1099-C Explained with Form 982 fo...  

If you received Form 1099-C during the year, that is taxable income!

Believe it or not, canceling debts is taxable income to a U.S. taxpayer, so it must be reported on your tax return. In certain cases, however, you might be able to exclude that income from your gross income.

One of the easiest methods is to claim you are insolvent. Use Form 982 to claim insolvency.

Need some help? Schedule a Consultation:
https://calendly.com/jasondknott

Follow Jason Here:
FREE Discord Server:   / discord  
Patreon:   / jasondknott  
Jason X Profile: https://x.com/JasonDKnott
Website: https://jasondavidknott.com/
Knott LLP: https://knottllp.com/

Knott Learning Links:
Website: https://knottlearning.com/
X.com: https://x.com/KnottLearning
Facebook:   / knottlearning  
Instagram:   / knottlearning  
LinkedIn:   / knott-learning  

AFFILIATE DISCLOSURE: Some of the links in this video description may be affiliate links, which means we may receive a commission, at no additional cost to you, if you decide to make a purchase through one of our partners.

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not cover every topic or issue related to these informational materials.

#IRSform982 #Form982 #CancelledDebts