This may cause yet another source of unexpected tax liability that the seller is unable to pay. 1099-C: Cancellation of Debt. Now that short sales have become so common, many sellers understand they may receive a 1099-C (Cancellation of Debt), to report the cancellation of debt resulting from a short sale or deed in lieu of foreclosure.
In this environment, tax advisers may consider whether their clients should issue a Form 1099-C, Cancellation of Debt , for a bad debt. A situation may arise where a client wants to ensure the forgiven debtor reports the income from the canceled obligation. The Form 1099-C instructions.
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· Form 1099-C is an IRS form that is used to report “cancellation of debt,” or debt forgiveness. It is filled out by the lender or creditor and submitted to the IRS. It identifies the individual who received the debt forgiveness and reports of amount of the forgiven debt.
The 1099-C shows the amount of debt that your lender cancelled. While you have to report the cancellation of debt, you won’t have to pay any taxes resulting from that cancellation. For more.
It seems more and more people are getting tax form 1099-C issued now for the forgiveness of old debt from as long as twenty years ago. That’s a problem for consumers. This old debt is sometimes called “zombie debt” because it appears to come back from the dead. The first thing you should do is [.]
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· Gerri, I recently took my taxes to a retail tax service, with my 1099-C included, my1099-C box 2 amount is $71279, box 3 is $11329.they told me that I.
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· You would include it with your tax return following the year the cancellation occurred. When at least $600 in debt is canceled, your collector will send you irs form 1099-C. The form will state the amount of debt that the collector canceled. That is the amount you must report to the IRS on your tax.
“Surprise! In January 2007 each received a 1099 income statement from the credit card company showing the amount of debt forgiven as income,” he said. The one exception, says Albaum, is in the event.