Form 1099-C & Payment Types to Report
What to Report: Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money.
Amounts to Report: $600 or more
Due Date to IRS: February 28*
Due Date to Recipient (unless indicated otherwise): January 31
- Cancellation of debt
- Discharge of indebtedness
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