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    MCB618's Avatar
    MCB618 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 29, 2011, 01:16 PM
    Do i have to file a 1099 for debt canceled if i get ssd?
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 29, 2011, 07:53 PM

    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 5, 2011, 11:30 PM
    The short answer is YES, you must report the canceled debt as income.
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