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 $6 [..]

IRS Form 1099-C is used to report implied income from the cancellation of debt.