Joseph R. Viola

1515 Market Street
Suite 1200
Philadelphia, PA 19102

Phone: (215) 854-6310

Fax: (215) 854-4091

Email:

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Tax FAQ & Info

When I defaulted on my loan payments, the lender issued a Form 1099-C which makes it look like I was paid income – what’s that all about?

Thanks in large part to a wrongly-decided Depression-era U.S. Supreme Court case, if you borrow money and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The theory is that the portion of the loan you will no longer be required to pay back is a "windfall" reportable as income. The lender is usually required to report the am…

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Joseph R. Viola

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