1099-C, Cancellation of Debt. in the event of a debt write-down, your creditor will file a 1099-C with the IRS. They will also mail a copy to you so that you can report the debt cancellation as income when you file your personal taxes. Like other 1099 forms, the 1099-C is an "information return".
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A 1099-C reports Cancellation of Debt Income (CODI) to the IRS. According to the IRS, if a debt is canceled, forgiven or discharged, you must include the canceled amount in your gross income and pay taxes on that "income," unless you qualify for an exclusion or exception.
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Basically, it goes on line 21 of your tax return, in the other income category. It gets taxed just like anything else that goes on that line-at your regular income tax rate. That’s what happened with the $14,000 fellow-his preparer put his 1099C income on line 21.
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It is, according to the Internal Revenue Code. For example, a person with $10,000 in credit card debt who negotiates to pay only $6,000 of the balance would have $4,000 in forgiven debt income. That $4,000 must be reported as "other income" on Line 21 of the 1040 tax form.
Form 1099. A Form 1099 is a type of information return. You will get a 1099 form in the mail if you received certain types of income during the year.
Form 1099-C, Cancellation of Debt, will be sent when at least USD 600 of debt is forgiven in an amount less that what you owe after the occurrence of an "identifiable event". Note that you must still claim discharged debt as income on your tax return, even though it may be under the USD 600 threshold.
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Report your forgiven debt even without a 1099-C. Tax law requires any government agency, lending institution or credit union to issue a 1099-C when forgiving any debt over $600. Reporting the forgiven debt with a 1099-C form is the creditor’s responsibility.