Maximizing Tax Benefits: Reporting 1099-C Debt Cancellation Income
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- Äas pĆidĂĄn 19. 10. 2023
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to resolve IRS tax issues, streamline accounting, and minimize tax for business owners.
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
#cancellationofdebt #codincome #tax #jasminedilucci
Since all corporations (collateral asset holder for securitization/monetization, i.e. pledging) are insolvent (bankrupt)... How is it possible that the (wo)man is the 'INSOLVENT'?
The (wo)man is the Priority Creditor, not some fictional Entity.
Why not have the Priority Creditor (asset ownor) issue the superior 1099 C upon the borrowing fictional Entity Debtor?
It's 'THEIR' income... đ„Žđđ
You are fantastic!!!! RELAX!!!! OKAY? Please consider titling your videos on CZcams differently and I would add music in the background so your words drown out... I feel this will add to your longevity in the game..
What to do if company is refusing to resend 1099-C form? Initial form got thrown in trash.
Pull your IRS Transcripts here: www.irs.gov/individuals/get-transcript
If it's for tax year 2023, then you'll need to wait until mid-May or June for it to show up on your IRS transcripts
Irs should have records
Jasmine, do you actively respond to comments here? I have an input inquiry.
I do! Whatâs the question?
Yes but is the 1099c also an expense, ? Even if i did have to claim it as income its still considered a loss. No such thing as a loan đ credit and debt please exsplain, now if i have a carry fprward credit, to deduct extra income from, on a carry forward basis, so 1099c would be taxable income yes but if i have a carry forward credit to deduct that extra income from there would be no tax the taxpayer only pays taxes on income ? So if a business owes me a debt, its as though i lent it to it correct, so if i forgive that business with a 1099c i get to claim the 1099c as an expense loss, where the business has to claim it as taxable income correct, so if the debt was big enough and now being in the negative-1,000,000 if the taxpayer makes 50,000 a year the taxpayer would be able to deduct the 50,000 in income from the -1,000,000 dollar tax credit to -950,000 on a carry forward basis till it depletes, correct ? The term bank is defined as a peraon engaged in the normal business of banking,
Nope, not an expense - just income unless it qualifies to be excluded
czcams.com/video/24xnA5wSMYU/video.html
What do you think?