taxes
 

 taxes







 

Question by  anyname53 (13)

Can you put credit card debt on a 1099-C tax form?

I would like to put my credit card debt on my tax form.

 
+6

Answer by  Chaneygirl (1755)

If a credit card company forgives your credit card debt, THEY issue a form 1099-C to you and you include that amount as income on your tax return. You cannot put your credit card debt on the 1099-C form and file it yourself, it doesn't work that way. Just like you can't issue your own W2 form, your employer does.

 
+6

Answer by  cgroverla (516)

If your credit card company cancels debt you owe, you will receive a Form 1099C from them. You do not originate the form yourself. It is a decision the credit card company makes. If you receive this form, since you are not paying the debt, the amount of cancelled debt is income to you on your tax return.

 
+3

Answer by  grannypat2 (26)

If you are filing a 1040 return as an individual tax payer, you cannot file a 1099c form. 1099c form is for financial institutions only. If you are a financial institution yes you can put credit card debt on the 1099c form.

 
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