Attention!
This form is provided for informational purposes and should not be reproduced on personal computer printers by individual taxpayers for filing. The printed version of this form is a "machine readable" form. As such, it must be printed using special paper, special inks, and within precise specifications. Additional information about the printing of these specialized tax forms can be found in: Publication 1167, Substitute Printed, Computer-Prepared, and Computer-Generated Tax Forms and Schedules; and, Publication 1179, Specifications for Paper Document Reporting and Paper Substitutes for Forms 1096, 1098, 1099 Series, 5498, and W-2G. The publications listed above may be obtained by calling 1-800-TAX-FORM (1-800-829-3676). Be sure to order using the IRS publication number.
8585
VOID
CORRECTED
OMB No. 1545-1424
CREDITOR’S name, street address, city, state, and ZIP code
2000
Form CREDITOR’S Federal identification number DEBTOR’S identification number 1 Date canceled
Cancellation of Debt
Copy A
For Internal Revenue Service Center
File with Form 1096.
1099-C
2 Amount of debt canceled
$
DEBTOR’S name 3 Interest if included in box 2 4
$
Street address (including apt. no.) 5 Debt description
City, state, and ZIP code
Account number (optional)
6 Check for bankruptcy
For Privacy Act and Paperwork Reduction Act Notice, see the 2000 General Instructions for 7 Fair market value of property Forms 1099, 1098, 5498, and W-2G. $
Department of the Treasury - Internal Revenue Service
Form
1099-C
Cat. No. 26280W
Do NOT Cut or Separate Forms on This Page
—
Do NOT Cut or Separate Forms on This Page
CORRECTED (if checked)
CREDITOR’S name, street address, city, state, and ZIP code OMB No. 1545-1424
2000
Form CREDITOR’S Federal identification number DEBTOR’S identification number 1 Date canceled
Cancellation of Debt
Copy B
For Debtor
1099-C
2 Amount of debt canceled
$
DEBTOR’S name 3 Interest if included in box 2 4
$
Street address (including apt. no.) 5 Debt description
City, state, and ZIP code
Account number (optional)
6 Bankruptcy (if checked)
This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if taxable income results from this transaction 7 Fair market value of property and the IRS determines that it has not been reported. $ Department of the Treasury - Internal Revenue Service
Form
1099-C
(Keep for your records.)
Instructions for Debtor
If a Federal Government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, this form must be provided to you. Generally, if you are an individual, you must include the canceled amount on the “Other income” line of Form 1040. If you are a corporation, partnership, or other entity, report the canceled debt on your tax return. See the instructions for your tax return. However, some canceled debts, such as certain student loans (see Pub. 525), certain debts reduced by the seller after purchase (see Pub. 334), qualified farm debt (see Pub. 225), qualified real property business debt (see Pub. 334), or debts canceled in bankruptcy (see Pub. 908), are not includible in your income. Do not report a canceled debt as income if you did not deduct it but would have been able to do so on your tax return if you had paid it. Also, do not include canceled debts in your income to the extent you were insolvent. If you exclude a canceled debt from your income because it was canceled in a bankruptcy case or during insolvency, or because the debt is qualified farm debt or qualified real property business debt, file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).
Box 1. Shows the date the debt was canceled. Box 2. Shows the amount of debt canceled. Box 3. Shows interest if included in the canceled debt in box 2. See Pub. 525, Taxable and Nontaxable Income. Box 5. Shows a description of the debt. If box 7 is completed, also shows a description of the property. Box 6. If the box is marked, the creditor has indicated the debt was canceled in a bankruptcy proceeding. Box 7. If, in the same calendar year, a foreclosure or abandonment of property occurred in connection with the cancellation of the debt, the fair market value of the property will be shown, or you will receive a separate Form 1099-A, Acquisition or Abandonment of Secured Property. You may have income or loss because of the acquisition or abandonment. See Pub. 544, Sales and Other Dispositions of Assets, for information about foreclosures and abandonments.
VOID
CREDITOR’S name, street address, city, state, and ZIP code
CORRECTED
OMB No. 1545-1424
2000
Form CREDITOR’S Federal identification number DEBTOR’S identification number 1 Date canceled
Cancellation of Debt
1099-C Copy C
For Creditor
2 Amount of debt canceled
$
DEBTOR’S name 3 Interest if included in box 2 4
$
Street address (including apt. no.) 5 Debt description
City, state, and ZIP code
Account number (optional)
6 Check for bankruptcy
For Privacy Act and Paperwork Reduction Act Notice, see the 2000 General Instructions for Forms 1099, 1098, 5498, and W-2G. 7 Fair market value of property
$
Form
1099-C
Department of the Treasury - Internal Revenue Service
Creditors, Please Note—
To help make it easier for you to get only the information you need to complete the Forms 1099, 1098, 5498, and W-2G you file, we are now providing general and specific form instructions as separate products. The new products you should use for 2000 are the General Instructions for Forms 1099, 1098, 5498, and W-2G, which contains general information concerning Form 1099-C and other forms in the 1099 series, and the separate specific instructions for each information return you file. Specific information needed to complete this form is given in the 2000 Instructions for Forms 1099-A and 1099-C. A chart in the general instructions gives a quick guide to which form must be filed to report a particular payment. You can order those instructions and additional forms by calling 1-800-TAX-FORM (1-800-829-3676). You can also get forms and instructions from the IRS’s Internet Web Site at www.irs.gov. Caution: Because the IRS processes paper forms by machine (optical character recognition equipment), you cannot file with the IRS Forms 1096, 1098, 1099, or 5498 that you print from the IRS’s Internet Web Site. Due dates. Furnish Copy B of this form to the debtor by January 31, 2001. File Copy A of this form with the IRS by February 28, 2001. If you file electronically, the due date is April 2, 2001.