1099-C Cancellation of Debt

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  • zeros
    Senior Member
    • Dec 2006
    • 921
    #1

    1099-C Cancellation of Debt

    Received my first 1099C for Debt Canceled. Not sure what I need to do? The amount is $27K and had to do with a Secured Installment Loan. Box 5 says "Borrower was not personally liable for repayment of debt. Not sure what that means also. What do I need to do with this form?
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