IRS Form 1099-C (Tax Year 2025)

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1099FIRE can handle the entire process for you—printing, mailing, and electronically filing originals, corrections, or prior-year returns with the IRS and state agencies through the Combined Federal/State Filing (CF/SF) program.

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IThe IRS now requires electronic filing of 10 or more information returns beginning with tax year 2023.

Key Requirements

• If you filed a TCC application before September 26, 2021, you must reapply and verify identity through ID.me.

• Paper filing is only allowed if you have 10 or fewer returns.

• As a result, more companies are adopting third-party e-filing services.

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Contact 1099FIRE at (480) 706-6474 to discuss outsourcing options and ensure compliance with the new rules.

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IRS Form 1099-C, “Cancellation of Debt,” is used by creditors to report canceled or forgiven debt of $600 or more to the IRS. When a debt is canceled, forgiven, or discharged, the IRS considers it income, meaning that borrowers may owe taxes on that amount unless they qualify for an exclusion.

Who Sends Form 1099-C

Form 1099-C is sent by creditors who have forgiven or canceled debt for their borrowers. Creditors are required to issue this form when they forgive $600 or more of debt, so the IRS and the borrower are notified of the canceled debt.

Who Receives Form 1099-C

The form is sent to the person or entity who originally owed the debt, often referred to as the “debtor.” This could apply to any type of forgiven debt, including credit card debt, personal loans, student loans, mortgages, car loans, and certain business loans.

Purpose of Form 1099-C

The purpose of Form 1099-C, “Cancellation of Debt,” is to report canceled or forgiven debt of $600 or more as potential taxable income to the IRS and notify the debtor.

Due Date

Furnish Copy B to the debtor by January 31. File electronically by March 31.