If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’ Well, the answer is ‘it depends’. Not what you want to hear but there is a lot of variables involved in answering this question. [...]
The actual term used by the Internal Revenue Service to define revenue or income. Section 61 of the Internal Revenue Code (Chapter 26 of the Federal Code) defines the term and what is considered gross income.
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