What Is a 1099-C Form and How Does It Affect Your Credit?
Credit Corp
APRIL 26, 2024
A 1099-c cancellation of debt form is issued when a lender forgives or cancels a debt. A property is foreclosed or repossessed. For example, you don’t need to file a 1099-C form if you loaned your brother $1,000 and then told him on his birthday you’ve decided he doesn’t have to pay you back. Your mortgage is modified.
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