IRS Form 1099-C, Cancellation of Debt, is a legal document that reports a canceled, forgiven, never paid, or wiped out debt. You need to file Form 1099-C for each debtor with whom you have negotiated a debt cancellation.
Lenders and creditors send this document to the IRS and borrowers if the debt of $600 or more was forgiven or canceled. The amount of canceled debt may be the entire amount or portion of the total amount owed. These identifiable events include the following circumstances:
Form 1099-C was released by the Internal Revenue Service (IRS) and the latest version of the form was issued in 2020 with all previous editions obsolete. You can download a fillable 1099-C Form through the link below.
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