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It depends. From this specific situation there is no canceled debt income to report. However, if you have a 1099-C that reports canceled debt for any other reason, you will need to report it. However, a letter in lieu suggests you did not receive a 1099-C, and therefore you have no canceled debt that would be income.
It depends. From this specific situation there is no canceled debt income to report. However, if you have a 1099-C that reports canceled debt for any other reason, you will need to report it. However, a letter in lieu suggests you did not receive a 1099-C, and therefore you have no canceled debt that would be income.
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