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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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1099C
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Mosby
Level 2
07-26-2021
09:14 AM
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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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BobKamman
Level 15
07-26-2021
09:28 AM
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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.
