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

    Apr 8, 2008, 01:07 PM
    1099 bankruptcy
    We have received 1099's income earned from a home and truck we returned in a bankruptcy. The 1099's have the bankruptcy box marked. Do we have to report this or not?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 9, 2008, 04:48 AM
    If it is debt cancellation, it is taxable income. For more information, provide details:
    Which 1099-xxx? Info in various boxes.
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