Note: bokep The writer is not really CPA or tax professional. This article is for general information purposes, and needs to not be construed as tax advice. Readers are strongly inspired to consult their tax professional regarding their personal tax situation. In previously mentioned scenario, resolve saved $7,500, but the internal revenue service considers it income. In case the amount is passed $600, after that your creditor is necessary to send you a form 1099-C. How would it be income...