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When it is taxable nonbusiness debt, you'll use the copy of the 1099-C to use to report it on Schedule 1 of Form 1040 as other income.
In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs.
When it is taxable nonbusiness debt, you'll use the copy of the 1099-C to use to report it on Schedule 1 of Form 1040 as other income.
In general, you must report any taxable amount of a canceled debt as ordinary income from the cancellation of debt on Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or Form 1040-NR, U.S. Nonresident Alien Income Tax Return as "other income" if the debt is a nonbusiness debt, or ...
After signing into TurboTax, select "Take Me to My Return" Type "Schedule C" in the search field at the top right hand of the screen. Select "Jump To Schedule C" and you will be brought to the section of TurboTax where you can enter or have entered your business income and expense information.
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When it is taxable nonbusiness debt, you'll use the copy of the 1099-C to use to report it on Schedule 1 of Form 1040 as other income.
When it is taxable nonbusiness debt, you'll use the copy of the 1099-C to use to report it on Schedule 1 of Form 1040 as other income.
Go to Federal Taxes (Personal in Home & Business) Next go to Wages & Income or Personal Income (whichever is applicable). Scroll down to Less Common Income section. Click on the Start/Revisit button next to Miscellaneous Income, 1099-A, 1099-C.
Form 1099-C must be filed regardless of whether the debtor is required to report the debt as income. The debtor may be an individual, corporation, partnership, trust, estate, association, or company.
In most situations, if you receive a Form 1099-C from a lender, you'll have to report the amount on that form to the Internal Revenue Service as taxable income.

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