What is the name of your state? Virginia
I recieved a 1099-C cancellation of debt form today and am very confused on it.
I did some research and found that if I have recieved this form it is because I am liable for taxes due on the amount cancelled. I did some further research and found that there are certain cases where this amount can be excluded from income. This debt was a student loan from a private lender (Key Bank) that started to go bad around 2003 as I was unable to make steady payments. This debt was finally settled and paid last year which I thought that would be the end of it.
My question is, since this was a student loan paid to an accredited college, can this be considered not includible? I read there are certain exceptions but was unclear in the student loan section of Pub. 525. Any help would be greatly appreciated!!!
I recieved a 1099-C cancellation of debt form today and am very confused on it.
I did some research and found that if I have recieved this form it is because I am liable for taxes due on the amount cancelled. I did some further research and found that there are certain cases where this amount can be excluded from income. This debt was a student loan from a private lender (Key Bank) that started to go bad around 2003 as I was unable to make steady payments. This debt was finally settled and paid last year which I thought that would be the end of it.
My question is, since this was a student loan paid to an accredited college, can this be considered not includible? I read there are certain exceptions but was unclear in the student loan section of Pub. 525. Any help would be greatly appreciated!!!
