Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

Showing results for 
Search instead for 
Did you mean: 
Level 2

Sending a 1099-c to a debtor

I am filling out a 1099-C to send to a debtor.  I am cancelling just over $5,000 in debt owed to me.  On box 7 of the form 1099-C, it states "Fair market value".  Would that be the full loan amount of $5,000?  Since I didn't have any property to take back and sell, there was nothing of value ever given to me.  I never received anything back from the loan.

2 Replies
Not applicable

Sending a 1099-c to a debtor

are you supposed to file?  see page 3 of this link

Level 2

Sending a 1099-c to a debtor

In order for me to write-off the debt as noncollectable, I have to use that form.  It's just not the clearest instructions, and I dread having to call the IRS to try to get an answer.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.



Manage cookies