💸 I Forgive You. Now You Owe the IRS
Summary
The video explains the potential tax implications of debt forgiveness. When a debt is forgiven, the forgiven amount can be considered taxable income by the IRS, even though the individual never actually received the money. The lender will send a 1099-C form, which the recipient must report on their tax return. There are exceptions for insolvency or bankruptcy.
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