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-   -   Do I have to file a 1099 for debt canceled if I get ssd? (https://www.askmehelpdesk.com/showthread.php?t=549107)

  • Jan 29, 2011, 01:16 PM
    MCB618
    Do i have to file a 1099 for debt canceled if i get ssd?
    I am using debt counseling and the debt was canceled. Do i have to file if i get ssd? I got a 1099 do i have to file it?
  • Jan 29, 2011, 07:53 PM
    MukatA

    For debt cancelled you will receive 1099-C. Non-business debt cancelled is reported as income on your tax return. Business debt cancellation is reported on schedule C (Form 1040). Debt cancellation, Your U.S. Tax Return: The U.S. Income Tax Topics 1
  • Feb 5, 2011, 11:30 PM
    AtlantaTaxExpert
    The short answer is YES, you must report the canceled debt as income.

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