Both husband & I received 1099-C we do not file together do we both need to claim?

[mackdiana3200]

If both husband and wife get the 1099-C for same amount and we file separate do we both need to claim as income? 

[MichaelL1 · Accepted solution]

No, however, the total on the 1099C needs to be reported between the two returns.

So let us say that the 1099C is $1,200.

One can report it all and the other none or one can report some and the other some as long as it equals the total of $1,200. 

Keep good records as it is very possible IRS may inquire about this two years from now, and you will need to show them that the total of $1,200 was reported.