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Does the debtor owe taxes on amount cancelled?

• scott_karana 12y ago
  From the page: > Will the Rolling Jubilee have to file a 1099-C Cancellation of Debt form with the IRS? No. The Rolling Jubilee will earn no income from the lending of money and is therefore exempt from filing a Form 1099-C under the Internal Revenue Code Section 6050P.
  • nerfhammer 12y ago
    That doesn't necessarily mean you aren't supposed to report it as income when you file for your tax returns even if they don't file a 1099 for you