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  1. #1

    Default Do I Include Amount of 1099-C (S) As a Liability on Form 982

    I read that an applicant's financial situation immediately before he/she receives a 1099-C or 1999-C(s)indicates what to include as a liability or asset on a IRS insolvency form 982. So do I include the amount of the 1099-(C) in the liabilities section of Form 982? I know it's considered "forgiven debt" but I did read on an IRS site that one's situation the day before he/she receives a 1999(C) is what one goes by.

  2. #2
    Join Date
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    Default Re: Do I Include Amount of 1099-C (S) As a Liability on Form 982

    The debt represented by the 1099-C is included in liabilities on the insolvency worksheet.

  3. #3

    Default Re: Do I Include Amount of 1099-C (S) As a Liability on Form 982

    Ok. Thanks for answering my question. I've sifted through pages and pages on the web and could not find an answer to such a basic and important question.

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