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    sliefer1's Avatar
    sliefer1 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 20, 2008, 12:42 PM
    Form 1099 C
    I am disabled. Is there an exclusion for me with my cancellation of debt? If not, then what this is that I need to report it as income?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 20, 2008, 01:31 PM
    Sounds like you had a debt cancelled and the creditor reported this "gift" as income for you. This is not an uncommon practice. If your only income is non taxable, this may wind up as a small amount due. I would contact the IRS or (better yet) an experienced tax preparer.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 20, 2008, 03:13 PM
    Agreed. Note that certain mortgage-related cancelled debts do NOT result in a Form 1099-C under a recently passed law.
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