Credit Card Glossary: Terms and Definitions
The 1099-C “Cancellation of debt” form is an IRS form sent when credit card or other consumer debts are forgiven or canceled by creditors or debt collectors. Forgiven debt is generally considered taxable by the Internal Revenue Service, though there are exceptions when it is exempt from taxation. When the canceled debt totals more than $600, the creditor is required to file a 1099-C report with the IRS and send the debtor a copy.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.