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1099-C Cancellation of debt

I received a 1099-C for a timeshare property that was foreclosed. It was me and another person on there jointly. Only my ssn shows but the other persons name is there. In Box 2 it says $0.00 amount of debt discharged. But the fair market value is $17,110.65. Do I have to pay income tax on the $17,110.65? Or how to file this? I’m married filing separately.

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1 Reply
DaveF1006
Expert Alumni

1099-C Cancellation of debt

Since there is no income amount discharged in Box 2, do not report this in your return but keep this form with your tax records.

 

1099-C with 0.00 Reported in Box 2

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