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?
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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?
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
The short answer is YES, you must report the canceled debt as income.
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