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You ought to explain to your IRS an individual were insolvent during method of settlement. The best way to do so to be able to fill the irs form 982: Reduction of Tax Attributes Due to release of Indebtedness. Alternately, you can also attach a letter with your tax return giving an end break of the total debts along with the total assets that you would have. If you don't address 1099-C from the IRS, the government will file a Federal tax Lien and actions is actually going to taken you in regarding interests and penalties may be tough!

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