The borrower is the debtor and includes the income. The cosignor was the guarantor and not required to claim the 1099-C income. See Legal information.
If you incorrectly receive the 1099-C, contact the issuer and ask for a corrected form to be issued, excluding you. If the issuer will not, you will need to add a statement to your return explaining why you have chosen to not include the 1099-C on your return. You will have to mail in your return. You will not be able to e-file with a statement.
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