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What are 1099 C forms issued for?

Anonymous

∙ 17y ago

Updated: 10/31/2022

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.

Wiki User

∙ 17y ago

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