Missing 1099C for Cancelled Debt Concerned about Tax Filing

[icloud987]

Hi, I canceled a lot of cc debt in 2021. Some of the banks didn't send me 1099C even after I repeatedly requested it. 

I called several tax filing services consulted about this matter, I am getting mixed opinions.

Some say they would estimate canceled debt amount and file with that. Some say they would file an extension until they get 1099C, Some say they won't mention canceled debt in absence of 1099C, because 1099 C may not arrive until years later in some cases. So I am lost at what is the best course of action. 

Also, did anyone have any success of insolvency for cancellation of debt? I believe I qualify for that. When I consulted several tax services, some said as long as I can prove insolvency before cancellation of debt, it should be ok. Others said if my finance has changed for the better since the cancellation of debt, that may cause issues. 

Please share your experience and insight. Thanks .

[sccredit]

I used the insolvency route but it was easy because I had a BK filing as proof of insolvency. Some lenders will not send a 1099-C

[Adkins]

I used the insolvency route. The amount on the 1099C was easily more than I had made in that year. I would file for an extension and get the 1099Cs. 

[icloud987]

Thanks,

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@Adkins wrote:

I used the insolvency route. The amount on the 1099C was easily more than I had made in that year. I would file for an extension and get the 1099Cs. 

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was your insolvency approved?

[Adkins]

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@icloud987 wrote:

Thanks,

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@Adkins wrote:

I used the insolvency route. The amount on the 1099C was easily more than I had made in that year. I would file for an extension and get the 1099Cs. 

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was your insolvency approved?

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Yes.