We canceled the debt form 1099 – C sent to us ..?
To Gain or loss, how do we find? (This Car Repo) was 8,000 times the amount of debt cancellation and car Fair market value was 8,500. We also pay off a debt settlement. Any help is appreciated.
If you are in the whole Should not receive the debt is paid 1099C. It is income to you. You do not pay the full amount owed and the user has been canceled.
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