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  • Mar 6, 2009, 06:37 PM
    upstate
    Insolvent 1099
    My Relative paid for several credit card debts w/ a loan to me and now I have been given 1099. How do I prove I am insolvent since I have very little money?
  • Mar 6, 2009, 10:38 PM
    MukatA

    You mean 1099-C for debt cancellation. Report this as income on your tax return. Read about debt cancellation, Your U.S. Tax Return: The U.S. Income Tax Topics 1

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