What is a Form 1099-C?

Modified on Thu, 8 Aug at 4:37 AM

A Form 1099-C is for canceled debt exceeding $600.00 or more. Per the IRS, your canceled debt may be considered taxable if the amount forgiven was less than the amount you actually paid. There are exceptions which include but are not limited to: debt related to a Title 11 bankruptcy case and qualified real property business indebtedness.

 

Additional information about canceled debt can be found here.

 

Additional Resources:

 

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

 

Any third-party links are provided for informational purposes only. The third parties and their sites are not endorsed by Beem and Beem is not responsible for, and has no control over, their content, privacy policies, or terms of service.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article