Canceled Debt and Tax Preparation

In this video, Kolonji Murray, founder and tax professional at TaxAssurances, explains the implications of canceled debt on your tax return. Kolonji breaks down how canceled debt is treated as taxable income and what exceptions may apply. He also highlights the forms involved, such as Form 1099-C, and discusses strategies to minimize the tax burden related to forgiven debt. This video is ideal for anyone dealing with canceled debt, looking for guidance on how to handle it during tax preparation.
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