Question What is a Form 1099-C used for and how do I handle it?

A Form 1099-C is sent to a customer when a debt of $600 or more is canceled.

The IRS may consider the debt or portions of the forgiven debt as income leading to a one-time tax charge. A tax adviser or the IRS can assist you on what to do with the form.

If you want to pay any portion of the amount reported on the Form 1099-C, contact Cadillac Financial at 1-877-223-5893 or 1-877-2CF-LUXE.