Income

1099-C: Cancellation of Debt

Reports cancellation of a debt of $600 or more. Cancelled debt is generally considered taxable income to the debtor.

Download 1099-C PDFAbout on IRS.govInstructions PDF

Who Files This Form?

Financial institutions, credit unions, and other lenders who cancel or forgive a debt of $600 or more.

Key Fields

  • Date of identifiable event
  • Amount of debt discharged
  • Interest included in amount
  • Debt description
  • Fair market value of property

Filing Deadlines

Due Date

January 31

Late Filing Penalty

Penalties range from $60 to $310 per form for late filing.

Related Forms

Form 982

Reduction of Tax Attributes Due to Discharge of Indebtedness

Form 1040

U.S. Individual Income Tax Return

Schedule 1

Additional Income and Adjustments to Income

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