Bankruptcy

Menu Path: Income > Uncommon Income > Canceled Debt (1099-C or 1099-A)

If you received a Form 1099-C for cancellation of debt income, you can enter that amount on the Canceled Debt screen. If the cancellation of debt income was part of your bankruptcy, then none of it will end up being taxable income. Canceled debt is only income if you are not insolvent or bankrupt.

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