If your debt is cancelled or forgiven, you'll receive Form 1099-C (Cancellation of Debt). Most of the time, cancelled debt is taxable, but there are exclusions and exceptions. We'll check for those after you've entered your 1099-C.
To enter your Form 1099-C in TurboTax, please follow the steps below:
NOTE: If you received a 1099-C for your main home and another 1099-C for something else (credit card, car loan, second mortgage, etc.) you won't be able to use TurboTax, as the interview doesn't support this.
If your debt is cancelled or forgiven, you'll receive Form 1099-C (Cancellation of Debt). Most of the time, cancelled debt is taxable, but there are exclusions and exceptions. We'll check for those after you've entered your 1099-C.
To enter your Form 1099-C in TurboTax, please follow the steps below:
NOTE: If you received a 1099-C for your main home and another 1099-C for something else (credit card, car loan, second mortgage, etc.) you won't be able to use TurboTax, as the interview doesn't support this.