TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

1099-C

Forum|Forum|11 months ago
April 23, 2025
1 reply
0 views

I recieved a 1099-C form for 2024 from a very old credit card. This card was cancelled like 15 years ago, maybe more. Can they send me this form for something that old?

Even if the card was an old card, when the debt is canceled the IRS considers that debt that was cancelled, forgiven, or discharged becomes taxable income. You will need to report this as income on your tax return.

There are some cases in which the debt might not be taxable, like if it was discharged in a Title 11 bankruptcy proceeding, such as a Chapter 7 or Chapter 13 case. Also if you can demonstrate to the IRS that you were insolvent at the time the debt was cancelled.

When to Use Tax Form 1099-C for Cancellation of Debt

Guide to Debt Cancellation and Your Taxes