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Level 2
April 14, 2020

Cancellation of Debt

  • April 14, 2020
  • 2 replies
  • 9 views

I have a client that received a 1099-C  (Cancellation of Debt) for a credit card in her deceased spouse name and his social security number.  Does she have to claim it on her returned?  He died in 2016.

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    2 replies

    Level 2
    April 14, 2020

    It's not an estate or property debt.  It is a credit card in his name and it was not a joint account.  If her name and social security number is not on it,  is she still responsible.  I would think she did not have to report it.  

    sjrcpa
    Level 15
    April 14, 2020

    You're talking to yourself, and answering your own question. 😏 We like that. We had a blind squirrel around here that did that. RIP Henry. Bet you're glad you're not around for this tax season.

    The more I know the more I don’t know.