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