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Cancellation of debt irs Form: What You Should Know

What Is the Amount I Must Report? If the debt is 600 or more, your tax form 1099-C must be provided to the IRS. If the debt is less than 600 but less than 10,000, there is no tax form 1099-C required. You can use Form 1099-A and Form 1099-E. If the debt is less than 10,000 but greater than 600, the IRS expects taxpayers will use Form 1099-C. The form 1099-C is for a tax debt. The amount reported includes all amounts (including interest) you receive or receive from the creditor in connection with the debt cancellation plus all amounts the creditor pays to you. The amount also includes any portion of any payment, in whole or in part, for any other benefit of the debt cancellation. You can't exclude anything from the payment under section 121 of the Code. What Does Form 1099-C Say? The Form 1099-C, Cancellation of Debt, reports any forgiven and discharged debt on which the IRS has issued a Form 1099-A. It also reports canceled debt for which you received a Form 1099-C. The information you report is as follows: The amount of canceled debt (including interest) plus all amounts paid to you in connection with the debt cancellation. This information is on a separate line on Form 1099-C. If the canceled debt was less than 600 but greater than 1,000, write “X” in the box next to column (d) if your filing status is married filing separately, “X” otherwise. The amount of canceled debt (including interest) plus all amounts paid to you in connection with the debt cancellation. This information is in the “Amounts Paid” box on line 1 on Form 1099-C. If the canceled debt was less than 600 but greater than 10,000, write “Y” in the box next to column (d) if your filing status is married filing separately, “Y” otherwise. The amount of canceled debt (including interest) plus all amounts paid to you in connection with the debt cancellation. This information is in the “Amounts Paid” box on line 2 on Form 1099-C.

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