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Get your taxes done using TurboTax
Form 1099-C is used to report a cancellation of debt. It is considered taxable income in many cases. Your creditor is the only one who can provide that form to you.
You have to be careful about reporting the cancellation of debt without receiving a formal notice from the creditor, as it may not have been officially cancelled, in which case you don't need to report the cancellation.
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‎April 14, 2021
7:19 PM