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How do you deal with a 2006 substitute 1099-c?

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Wiki User
02/06/2007

Same as a "normal" one - that it is called a "Substitute" is just really how and by whom the form is printed, a little formatting, that is different from the standard 1099c. All the information you need should be there and will have been reported, generally under strict electronic file guidelines, to the IRS. A 1099-C is notice of a cancelled debt. The amount shown in 'box 2' is the amount to be claimed as taxable income, the amount shown in 'box 3' is the interest charged on the debt and may or may not be deductible.