Form 1099-C

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Form 1099-C

A form that a lender files with the IRS if it cancels a debt in excess of $600. Lenders are required to file 1099-C whether the borrower is a natural person or legal person.
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Additionally, continued the Service Center Advice, "we express no opinion whether utilization of Form 1099C as a debt collection technique may violate provisions of non-Internal Revenue Code law, such as Federal Bankruptcy law, and possibly provisions of the Fair Debt Collection Act and similar consumer protection legislation.