Form 1099-C, Cancellation of Debt
File Form 1099-C, Cancellation of Debt, for each debtor for whom you canceled $600 or more of a debt owed to you if:
- You are an applicable financial entity (see Who Must File in the instructions) and
- An identifiable event has occurred.
If you cancel a debt before an identifiable event occurs, you may choose to file this form for the year of cancellation.
Coordination With Form 1099-A.
If, in the same calendar year, you cancel a debt of $600 or more in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A, Acquisition or Abandonment of Secured Property, and Form 1099-C for the same debtor. You may file Form 1099-C only.
General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G)
Other Items You May Find Useful:
Publication 542, Corporations
Publication 544, Sales and Other Dispositions of Assets
Form 1099-A, Acquisition or Abandonment of Secured Property
Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals)
Comment on Form 1099-C
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