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IRS Form 1099-C

What is IRS Form 1099-C?

Definition
IRS Form 1099-C, Cancellation of Debt, is used by a lender to report canceled or forgiven debt of $600 or more.
What It Means
Canceled debt is the amount of loan that the borrower is no longer required to pay. Debt may include principal, interest, fees, penalties, administrative costs, and fines. The lender furnishes Form 1099-C to the borrower and the IRS. The lender has to prepare three copies of Form 1099-C: Form A, Form B, and Form C. Form A is provided to the IRS, Form B is provided to the borrower, and Form C is retained by the lender for its records.
Other Names
IRS Form; Cancellation of Debt Form
Category
Document

Related Terms

  • IRS Form 1098: IRS Form 1098, Mortgage Interest Statement, is used by a lender to report mortgage interest and points of $600 or more.... Read More
  • IRS Form 4506-T: IRS Form 4506-T is a request from the tax payer to the IRS to issue transcripts of their tax returns or other information for specified financial year... Read More
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