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1099-C for deceased taxpayer

I am the executor of my deceased father's estate.  At the time of his passing, he had credit card debt.  I negotiated with the credit card company to cancel a little over $2,500 of the debt.  I received a Form 1099-C from the credit card company.  The form is in my father's name with his SSN listed.  I know the canceled debt is income to the estate.  I also know I need to file Form 1041 for the estate because the canceled debt is greater than $600.  I filed an extension before 4/18/2023 and paid estimated taxes.  As additional information, my father passed in 1/2022, his estate is solvent, and an EIN has already been assigned.  I am ready to file Form 1041, but I have several questions needing answers before I file.  Here are the questions.

 

1.  Should Form 1099-C have been issued in the estate's name with the assigned EIN, or is the as-issued Form 1099-C okay?

2.  If Form 1099-C should have been issued in the estate's name, do I ask the credit card company to reissue the 1099-C in the estate's name with the assigned EIN, or do I file a new 1099-C along with Form 1096 with my father as payer and the estate as filer?

3.  Is Form 1099-C entered in the Other Income section of Form 1041?

 

Thank you.

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1 Best answer

Accepted Solutions

1099-C for deceased taxpayer

The form as issued is fine and “other income “ is appropriate. 

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1099-C for deceased taxpayer

The form as issued is fine and “other income “ is appropriate. 

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