I had cancellation of debt but did not receive a 1099c from the credit card company yet. How long should I wait?

Forum|Forum|6 years ago
June 7, 2019
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I had cancellation of debt but did not receive a 1099c from the credit card company yet. How long should I wait? Do I have to report it if I do not receive a 1099c?

Best answer by MargaretL

You don't have to report anything on your tax return until you receive form 1099-C. And it depends on the lender when they will issue the form. The debt is considered cancelled once your lender/creditor no longer expects for that money to come and they close their books. It may be a couple years before they decide to foreclose and cancel your debt and issue you the 1099-C form, although they often do it in the following year. You may always call your credit card company and ask, but they don't often know the date when 1099-C may be issued.

MargaretLAnswer

Employee

syrillsanchez

I am not sure this is correct. In the 2017 Publication 4681 it states:

Even if you didn't receive a Form
1099-C, you must report canceled debt
as gross income on your tax return unless
one of the exceptions or exclusions described
later applies.

How would I go about reporting forgiven debts if I do not have a 1099-c to go with them? Do I need to call the companies and request a 1099-c? What if they do not have one to give me yet? How would I report that company and the debt forgiven if they have not reported it yet? I am very confused about this. I only have one 1099-c and I should have about 9 of them from debts that were negotiated, paid off and partially forgiven this year.