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M
Mosby
Level 2
July 26, 2021
Question

1099C

  • July 26, 2021
  • 1 reply
  • 6 views

I have a client who reported 1099C taxable income on 2020 tax return.  He has paid off all the debt in 2021.  How do I report this repayment?

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1 reply

BobKamman
BobKamman
Level 15
July 26, 2021

Was there a code in Box 6 of the 1099-C?

If the 1099-C was issued in error -- that is, the debt  had not become legally uncollectible -- then file an amended 2020 return. 

If the payment was made for moral and ethical, not legal reasons, then it probably doesn't require filing a gift tax return.  But if you called IRS and asked three times, you would probably get three different answers.

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