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 cancelled once your lender/creditor no longer expects for
that money to come and they close their books. It may be a couple 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.
