Form 1099-C

Form 1099-C is used to report the cancellation of a debt of $600 or more that a creditor has forgiven or discharged during the tax year. It includes details about the debtor and creditor, such as names, addresses, taxpayer identification numbers (TINs), the amount of debt canceled, the date of cancellation and the reason the debt was discharged.

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Frequently asked questions

Form 1099-C is used to report canceled or forgiven debt to the IRS. The amount reported may be considered taxable income to the debtor, unless an exclusion or exception applies under federal tax rules.
Financial institutions, lenders, credit card companies, government agencies or other creditors that cancel or forgive a debt of $600 or more are required to complete and file this form.
Form 1099-C is submitted to the Internal Revenue Service (IRS) by filing Copy A, either electronically through the IRS FIRE system or by mail, depending on the filer’s method of submission. Copy B is provided to the debtor whose debt was canceled for their records and tax reporting purposes.

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