Answered: Re: Cancellation of Debt

Sandbug634 · ‎04-14-2020

I have a client that received a 1099-C (Cancellation of Debt) for a credit card in her deceased spouse name and his social security number. Does she have to claim it on her returned? He died in 2016.

Sandbug634 · ‎04-14-2020

It's not an estate or property debt. It is a credit card in his name and it was not a joint account. If her name and social security number is not on it, is she still responsible. I would think she did not have to report it.

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Sandbug634 · ‎04-14-2020

It's not an estate or property debt. It is a credit card in his name and it was not a joint account. If her name and social security number is not on it, is she still responsible. I would think she did not have to report it.

sjrcpa · ‎04-14-2020

You're talking to yourself, and answering your own question. 😏 We like that. We had a blind squirrel around here that did that. RIP Henry. Bet you're glad you're not around for this tax season.

The more I know, the more I don't know.

Cancellation of Debt

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