Note: The writer is just not a CPA or tax specialized. This article is for general information purposes, and might not be construed as tax points. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation. In the above scenario, that you have to saved $7,500, but the internal revenue service considers it income. If ever the amount has concluded $600, any creditor should send that you simply form 1099-C. How can it be income? The irs considers "de...