How to Fill Out IRS Form 1099-C (Canceled Debt) | Step-by-Step Guide for Lenders & Borrowers скачать в хорошем качестве

How to Fill Out IRS Form 1099-C (Canceled Debt) | Step-by-Step Guide for Lenders & Borrowers

If you’ve ever canceled a loan or had debt forgiven, you may need to file IRS Form 1099-C and doing it wrong can cause serious headaches. In this video, Attorney Brian T. Boyd walks you through the form line by line, showing you how to properly fill out Form 1099-C for canceled debt, when to use it, and what the IRS expects from both creditors and debtors. 📄 What you’ll learn: How to complete each section of Form 1099-C (step-by-step) What to include for the creditor and debtor information How to determine the identifiable event code (A–H) What counts as discharged interest and how to report it When you should attach agreements or notes to the filing Common mistakes to avoid when reporting canceled debt 💡 Real-world example: Brian walks through a sample $250,000 private loan forgiveness for real estate, showing how to enter values, select the right event code (“H”), and handle fair market value reporting — all while explaining the logic behind each step. ⚠️ Disclaimer: This video is for informational purposes only. Always consult your own CPA or attorney for advice specific to your situation. Call to Action: Want help structuring your business or understanding advanced tax strategies? 👉 Book a consultation at briantboyd.com #1099C #TaxForm #CanceledDebt #IRSForms #TaxAttorney #DebtForgiveness #TaxTips #BrianBoyd