Form 100-C Cancellation of Debt

If you received a 1099C, then you may have a tax liability. Please ask your tax accountant.

You may need to contact your CPA and the past lender. I hope this helps.Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445 Please contact me for more information.

I'm not familiar with 100-c.. But Cancellation of debt is listed on a 1099-C.. However, Much more info is required to answer your question directly, but in general.. The Mortgage Debt Relief Act of 2007 generally allows homeowners to exclude such cancellation or forgiveness of debt on their principal residence. This law was updated so as to apply only through the end of 2014. So if you had this cancellation of debt in 2014 or earlier, then no.. you would not have to include it as income.. Current laws state that if you are "insolvent" then you would not need to count it as income.. Insolvency is the total of all your assets less all your debts.. if you have a negative number, then you're considered insolvent and you wouldn't be required to add that income.. Otherwise, you would.. Talk to your CPA or tax preparer,,, I'm sure most will be up to date of 1099-C, Cancellation of Debt (Phantom Income).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347