If you have a taxable debt of $600 or more that is canceled by the lender, that lender is required to file Form 1099C Form 1099C has no direct impact on your credit report because credit bureaus don't see it Only the IRS and the debtor in question receive the form However, the creditor who files the 1099C will usually report your default and discharged canceled debt directly to the credit bureaus 1099C tax surprise If a debt is forgiven or canceled, the IRS requires lenders to issue a 1099C tax form to the borrower to show the amount of debt not paid The IRS then requires the borrower to report that amount on a tax return as income, and it's often an unpleasant surprise 6 exceptions to paying tax on forgiven debt
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