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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I have 1099c now my state owe went to 10gt

Customer Question

I have 1099c now my state owe went to 10gt
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. 1099C is cancellation of debt and is considered taxable income unless you claim insolvency. But not all states may honor it.
Customer: replied 1 year ago.
I how do I reduce my state taxes
Expert:  emc011075 replied 1 year ago.
It depends on the state you live in and our overall tax situation. Most state use federal adjusted gross income as starting point and only allow limited deductions.
Customer: replied 1 year ago.
So how do I reduce my state tax