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Returning Member
posted Feb 25, 2019 2:13:00 PM

Does a cosigned loan count as a liability when calculating insolvency for 1099-C exclusion?

I received a 1099-C for discharged debt (from Credit Card Company A) and I'm completing the Insolvency Worksheet to determine if I can exclude any of the income.

 

I am the co-signer on a relative's student loan (The 1099-C is not related to this student loan). Am I able to count the balance of the student loan as a liability when completing the Insolvency Worksheet?

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1 Replies
Level 15
Feb 25, 2019 2:37:55 PM

you are liable for that student loan because you co-signed it.  it is your responsibility.