forgiven debt will be treated as taxable income IRS Tax Topics 431 according to the Internal Revenue Service IRS Topic No. 431 can be considered taxable income the IRS treats forgiven debt as income 1099-C Canceled Debt – Is It Taxable or Not? exclusions set by the IRS exclusions set by the IRS IRS official website tax implications no https://www.irs.gov/taxtopics/tc431 https://www.irs.gov/taxtopics/tc431 https://www.irs.gov/taxtopics/tc431 taxable income by the IRS https://www.irs.gov/taxtopics/tc431 IRS Topic No. 431 canceled debt Topic No. 431 IRS Topic No. 431 Canceled Debt IRS: Canceled Debt — Is It Taxable Or Not? Canceled Debt – Is It Taxable or Not? taxable income IRS Topic No. 431 https://www.irs.gov/taxtopics/tc431 according to the IRS Form 1099-C form 1099-C IRS Tax Topics 431 exclusions set by the IRS tax implications of debt cancellation exclusions set by the IRS exclusions set by the IRS may be considered taxable income for the year