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    gravitysapple's Avatar
    gravitysapple Posts: 1, Reputation: 1
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    #1

    Feb 20, 2009, 10:18 PM
    Is a Co-signer responsible for tax on a cancellation of debt for taxes(1099C)?
    I was just wondering if a Co-signer responsible for tax on a cancellation of debt for taxes(1099C)? I have not received a 1099 c yet and wondered if I should be looking for one. I Co-signed a loan for a car and it was repo'd. I ended up settling with the bank. The person I co-signed for is GONE! Lol I know I learned my hard lesson and won't co-sign anymore for anyone. I am just trying to figure out if we both will get a 1099c form or just the signer of the loan. Seems that there should only be one 1099c form sent out.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 20, 2009, 02:48 PM
    I do not believe that the co-signer gets the Form 1099-C, just the original borrower.
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