AlexanderS08
Expert Alumni

Deductions & credits

It is unlikely you would not receive your copy. It was only in recent years that 1099's were required to be issued by end of January. It used to be end of February. In my experience, many companies still send them late. If you haven't received it yet, I would recommend waiting until closer to mid March to file.

 

With respect to deducting legal fees as an expense, if you have other self-employment income and somehow the debt that was forgiven was associated with that self-employment income (say you incurred credit debt to start a business and the debt was forgiven), then perhaps you have an argument for a deduction against that self-employment income, but I would not recommend trying that.

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