Enter the information from Form 1099-C in the fields provided on this 1099-C worksheet. Then, go to the relatedCanceled Debt Worksheet to enter the information necessary to determine the taxable income from cancellation of debt.

Note: If more than one Form 1099-C is received it may be necessary to use more than one Canceled Debt Worksheet. See the instructions for the Canceled Debt Worksheet for guidelines.

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skeramidas

Level 4

If it becomes taxable income it goes to Other Income. If not taxed because of being insolvent do the worksheet and efile with the return. They might ask for more information. I scanned in attorney papers to prove that my client was insolvent. That seemed to satisfy them.

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