· This is a worksheet that is prepared to determine if you can qualify for eliminating taxable income form a cancelled debt (Form 1099C) Keep it with your tax files to show proof, as well as any other documentation to substantiate it, should you · Consumers who receive the 1099C cancellation of debt forms should take them to a tax preparer or tax adviser unless they feel comfortable handling the arcane tax rules and forms on their own "Make sure your tax preparer understands the rules related to these types of activities," says Mark Steber, chief tax officer for Jackson Hewitt13 · The 1099C is an IRS form that is used to report "Other Income" from canceled or forgiven debt over $600 A lender who cancels debt over $600 will generate a 1099C and send it to both the IRS and you In most circumstances, you will need to declare this other income on your taxes for the year
Form 1099 C Cancellation Of Debt
