You don't have to report anything on your tax return until you receive form 1099-C. And it depends on the lender when they will issue the form. The debt is considered canceled once your lender/creditor no longer expects that money to come and they close their books. It may be a couple of years before they decide to foreclose and cancel your debt and issue you the 1099-C form, although they often do it in the following year. You may always call your credit card company and ask, but they don't often know the date when 1099-C may be issued.
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