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Another 1099-C Question

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    Another 1099-C Question

    I was discharged of my Chapter 7 case in 2006 - today I received a 1099-C from a creditor for debt cancellation.

    I know I am not supposed to include this as income, as the debt was discharged and not forgiven - the box that says bankruptcy IS checked off, and it says right on the form that if the debt was discharged in BK you don't hafta include it as income.

    So what do I do with this thing? Just ignore it? I.E. don't attach it or mention it in my Tax Return? It does say it's being reported to the IRS, but again it DOES say bankruptcy on it.

    #2
    Thats a tough one, I didn't think one would have such a form for tax purposes, since you are technically discharged through Bk (AND didn't use a DMP), maybe you can call up a tax consultant?

    Good Luck, Catchmeifyoucan
    July 2006: Filed Ch13 :blink:
    Oct 2006: Converted to Ch7 :clapping:
    Jan 2007: DISCHARGED :clapping:
    Nov 2007: CLOSED :yahoo::yahoo::yahoo:

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      #3
      Keep it, but you don't have to do anything with it. You don't need to attach it to your income tax return, or report the discharged debt as income. Simply keep it with the record of your tax file.

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