507234
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dg-brown
New Member

I received a 1099-C Code C — Statute of limitations or expiration of deficiency period...Do I have to pay tax on this?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Phillip1
New Member

I received a 1099-C Code C — Statute of limitations or expiration of deficiency period...Do I have to pay tax on this?

Most likely, yes.

If there are no exceptions that apply to your situation, you will need to pay tax of Form 1099-C. The most common exceptions are insolvency (having a more in total liability balances than in fair market asset value) or bankruptcy.

See the following: Guide to Debt Cancellation and Your Taxes - TurboTax Tax Tips and IRS Topic 431

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question