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Get IRS Insolvency Determination Worksheet

All the canceled debt will be included on Form 1040, line 21, Other Income. No additional supporting forms or schedules are needed to report canceled credit card debt. example John made a deal with his credit card company to pay $2,000 on his $7,000 balance, and the company agreed to take it as payment in full. In January 2013, John received a Form 1099-C from his credit card company reporting $5,000 in box 2 (the amount of debt canceled). John was solvent (assets greater than liabilities) imme.

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