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What are 1099 C forms issued for?

Updated: 10/31/2022
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16y ago

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They report the cancellation of a debt.

That becomes income to the one who benefited.

The cancellation or write off, is really just an accounting entry so the creditor no longer shows the aset of the receivable on the books. They probably will not receive anything.

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16y ago
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Q: What are 1099 C forms issued for?
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