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When your Social Security number is requested for something like a loan application, be sure that the organization is totally legitimate. This is less of an issue for in-person transactions, as you likely know and trust your local bank branch or creditunion representative. Even better, place a hold through the USPS itself.
Some of the items on this list include: Canceled amounts that were gifts or inheritances Certain student loans and student loan discharges Qualifying purchase price reductions If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.
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