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Recognizing debt forgiveness in divorce
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Hey team - I had a friend who got divorced and being the nice guy and wanting to end it got suckered into keeping all the debt while his wife walked away from it. I believe that she will have to recognize this debt forgiveness as revenue on her taxes but wasn't sure if this was normal practice. I'd imagine he would have to file a 1099-c to the IRS to ensure this gets recorded. Thoughts mis amigos?
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