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julie8
Level 1
July 13, 2020
Question

If a client receives a 1099-C for 2019 and then in 2020 actually pays off the debt, do you have to report it on the 2019 1040?

  • July 13, 2020
  • 1 reply
  • 14 views
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1 reply

Terry53029Intuit Community Champion
Intuit Community Champion
July 19, 2020

Should put cancelled debt as income (unless an exception applies) on 2019 taxes. If they paid the debt back in 2020 put the amount as other income with a negative amount with explanation on their 2020 taxes. Just curious, why did they pay it back if debt was forgiven?  

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