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    upstate's Avatar
    upstate Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 6, 2009, 06:37 PM
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 6, 2009, 10:38 PM

    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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