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As co-signer on kids' ed loans, they and I both received a 1099-C for Cancellation of debt. Which one of us should do the filing and how will IRS know which is right and proper?
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The child should file the 1099-C because the child is the debtor. The co-signing parent is a guarantor not a debtor according to the IRS (https://www.law.cornell.edu/cfr/text/26/1.6050P-1)
The co-signing parent should not have gotten a 1099-C and you should contact the creditor and ask for a corrected 1099-C. If the creditor refuses to correct the 1099-C issued to the co-signing parent, the cosigner will need to attach a note to the tax return with an explanation.
The child should file the 1099-C because the child is the debtor. The co-signing parent is a guarantor not a debtor according to the IRS (https://www.law.cornell.edu/cfr/text/26/1.6050P-1)
The co-signing parent should not have gotten a 1099-C and you should contact the creditor and ask for a corrected 1099-C. If the creditor refuses to correct the 1099-C issued to the co-signing parent, the cosigner will need to attach a note to the tax return with an explanation.
I need help filling out the form 982. The 1099-C that I received was issued for the student loan (for my loan) for my sons education. He has passed away and the loan has been forgiven. I have the letter from Navient and the letter that I sent to them regarding the loan and his death certificate. I will be sending these documents with the form. Any assistants will be greatly appreciated.
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