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    #1

    SallieMae "loan forgiveness"

    My client recieved a letter from SallieMae but it was not a tax form like a 1099-misc or 1099-C Just a letter informing them they may have to report the forgiveness amt on the "other income" line on form 1040.

    Anyone had any experience with this before?
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    #2
    Originally posted by AZ-Tax View Post
    My client recieved a letter from SallieMae but it was not a tax form like a 1099-misc or 1099-C Just a letter informing them they may have to report the forgiveness amt on the "other income" line on form 1040.

    Anyone had any experience with this before?
    They are right. Forgiveness of loan is a taxable event. The amount forgiven should be reported as income on Form 1040. But I have no idea why they did not send him a Form 1099-C. They should give him one.

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      #3
      Sallie Mae doesn't send 'normal' 1098s for loan interest either, its just a letter. So why would you expect them to send a normal 1099-C?

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