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Hector2
New Member

What amount on a 1099-C is the reportable amount?

Amount on 1099-C is $6,552.80. This vehicle was resold by the dealer and I would like to know if the difference of the debt and sale should be shown, not the total debt.

1 Reply
MichaelDC
New Member

What amount on a 1099-C is the reportable amount?

Enter the 1099-C on TurboTax as it is on the paper form. Box 2 is amount of debt discharged and is the amount taxable unless it otherwise qualifies for an exclusion or an exception. Some exceptions are regarding mortgage debt, bankruptcy and insolvency. The difference of the debt and the sale is irrelevant.

Here's how to get back to your 1099-C:

1.       Open (continue) your return.

2.       In the TurboTax program, search for 1099-C or 1099C (lower-case works also) and then click the "Jump to" link in the search results.

3.       Select the type of cancelled debt (main home or other) and then click Continue.

4.       Follow the onscreen instructions to enter information from your 1099-C.

 




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