what is the 1099 C tax form for?

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what is the 1099 C tax form for?

what is this form and what is it for?

2006-11-28 12:55:52 · 2 answers · asked by dentalasst01 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

2 answers

cancellation of debt

2006-11-28 13:18:06 · answer #1 · answered by livinlyfe21 2 · 2⤊ 0⤋

As said above it is for "Cancelation of Debt".

For example: If you owed a credit card $12,000 and you couldn't afford to pay it. You offered $5000 to settle the debt and they accepted. The difference of $7000 would be income to you and report to you (and the IRS) on a 1099C.

2006-11-28 14:39:15 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋