If your husband who died with no will had credit card debt in his name received 1099-C cancellation of debt must you list this income on tax return?

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You must include all reportable income on the final tax return. Under section 61 of the Internal Revenue Code, forgiveness or discharge of indebtedness is gross income for tax purposes, so looks like that is what you need to do.
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Who is responsible for credit card debt if your spouse dies and the credit card is in his name only and husband leaves everything to his son?

%DETAILS%. Answer . The "estate" of the deceased, including assets and debts are filed in Probate Court. If there is a will, that also enters into the filing. The way it

What is credit card debt cancellation?

Debt cancellation is a type of credit insurance service provided by the credit card company usually for a monthly fee. In most cases, the card company will wave the outstandin

Is wife responsible for line of credit debt in husbands name if he dies?

The assumption is that the wife will inherit at least half, if not all, of the husband's assets. That will normally include the property securing the line of credit. And the e

Is a husband liable for a wife's debt on a credit card if it is not in his name?

Generally, yes. As a married couple, your have some "joint" financial assets and liabilities. If one of you has a credit card (even if it is just in the name of that one perso

Is a wife responible for a credit card debt if her husband dies?

The husbands estate is responsible, but not the wife directly. The amount of the husbands debt will be subtracted from his assets after his death. His wife will usually inheri