3 ms·
As creditor, you file a form 1099-C with the IRS: https://www.irs.gov/pub/irs-pdf/f1099c.pdf https://www.irs.gov/pub/irs-pdf/f1099c.pdf The borrower also gets
by MichaelBurge 10y ago
As creditor, you file a form 1099-C with the IRS:
https://www.irs.gov/pub/irs-pdf/f1099c.pdf https://www.irs.gov/pub/irs-pdf/f1099c.pdf
The borrower also gets a copy, and the IRS will know to look for it when the borrower files his taxes.
- zimpenfish 10y agoJust to add a bit of context around that PDF - "Topic 431 - Canceled Debt – Is It Taxable or Not?" https://www.irs.gov/taxtopics/tc431.html https://www.irs.gov/taxtopics/tc431.html