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1099-C Tax Opinion

Given the Appropriate facts, we will issue a tax opinion stating that the forgiveness of debt reported on the 1099 is NOT in fact income and should be excluded by the taxpayer. Structured properly, these transactions are properly considered the settlement of a bona fide dispute with the lender or a bargained-for exchange rather than cancellation of indebtedness.  Of course, it is in the lender’s interest to issue the 1099 to enable it to claim a tax deduction, but the lender did not write the Tax Code.

If you have received a Form 1099 from your lender, even if you have already filed a return, please contact us. We are happy to review the facts of your case and the likelihood of our being able to assist you in issuing a favorable tax opinion.

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