reshelle82
Jul 10, 2012, 08:49 AM
It's the full amount on each 1099-c he got one for the full amount and I got one for the full amount.
AtlantaTaxExpert
Jul 10, 2012, 09:16 AM
Okay, that is because you are both considered JOINTLY and SEVERALLY liable for the debt.
You need only report ONE of the Forms 1099-C on your JOINT return, reporting the forgiven debt as "other income" on Line #21 of Form 1040.