if the business debt was for other than a business reported directly on your tax return like schedule C or schedule E page 1 rental or royalty activities then the COD should have been reported on the business tax return such as form 1065, 1120-S, 1120.......
each 1099-C is entered separately. here are the instructions listed on the Turbotax COD worksheet
A. for unsecured debt:
a) one COD worksheet for all personal debts canceled on the same date. if there is more than one you link them to one COD worksheet
b) use a separate copy of the COD worksheet for debts related to each business or rental activity
B. for secured debt use a separate COD worksheet for each
Turbotax will automatically generate one 982 for all the 1099-Cs. after the 1099-C's are completed you need to complete the 982.
also if the business 1099-C was for say a mortgage cancellation and you lost the asset/property as part of the satisfaction of the debt you have to complete the disposal info for that asset/property
1099-Cs are filed for all types of entities
you need to read the 982 instructions. because you are filing late certain elections are no longer available.
it will provide instructions for completing the form, different types of debt need different entries.
