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1099-C - Overview

File Form 1099-C, Cancellation of Debt, for each debtor for whom you canceled a debt owed to you of $600 or more if:

  • You are an entity described under the Who Must File section below; and
  • An identifiable event has occurred. It does not matter whether the actual cancellation is on or before the date of the identifiable event.

Who Must File:

File Form 1099-C if you are any of the following.

  1. A financial institution described in section 581 or 591(a) (such as a domestic bank, trust company, building and loan association, or savings and loan association).
  2. A credit union.
  3. Any of the following, its successor, or subunit of one of the following.
    1. Federal Deposit Insurance Corporation.
    2. National Credit Union Administration.
    3. Any other federal executive agency, including government corporations.
    4. Any military department.
    5. U.S. Postal Service.
    6. Postal Rate Commission.
  4. A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency.
  5. A federal government agency including:
    1. A department,
    2. An agency,
    3. A court or court administrative office, or
    4. An instrumentality in the judicial or legislative branch of the government.
  6. Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company (whether or not affiliated with a financial institution). The lending of money is a significant trade or business if money is lent on a regular and continuing basis. Regulations section 1.6050P-2(b) lists three safe harbors under which reporting may not be required for the current year. See Safe harbor rules next.

 

Deadlines

See below for the deadlines relevant to Form 1099-C.

  • January 31 is the last day to furnish recipient copies.
  • March 31 is the last day to submit filings electronically to the IRS.

If a deadline falls on a weekend or holiday, it will be extended to the next business day. A 30-day extension is generally available for both of the deadlines above.

 

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