Question

I cosigned an auto loan for my son. He had financial problems so he paid the loan off at a lower amount. Do I need to report the 1099-C since he paid it?

Forum|Forum|6 years ago
March 12, 2020
1 reply
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The loan went to a debt collector and he worked with them to make the payments and has paid the loan in full.

TurboTax Deluxe Online

Yes, if you received the 1099C, you will need to report it in the tax return. The reason it was issued is that the amount repaid was less than the loan amount thus the remainder is taxable income.

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I cosigned an auto loan for my son. He had financial problems so he paid the loan off at a lower amount. Do I need to report the 1099-C since he paid it?

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