1099-C

[daveyg2]

I recieved a 1099-C form for 2024 from a very old credit card. This card was cancelled like 15 years ago, maybe more. Can they send me this form for something that old?

[LeticiaF1]

Even if the card was an old card, when the debt is canceled the IRS considers that debt that was cancelled, forgiven, or discharged becomes taxable income.  You will need to report this as income on your tax return.  

There are some cases in which the debt might not be taxable, like if it was discharged in a Title 11 bankruptcy proceeding, such as a Chapter 7 or Chapter 13 case.  Also if you can demonstrate to the IRS that you were insolvent at the time the debt was cancelled.  

When to Use Tax Form 1099-C for Cancellation of Debt

Guide to Debt Cancellation and Your Taxes