Credit card debt reduced - no 1099C

[dhawkcpa]

Client went bankrupt & was forgiven 30K in credit card debt. No 1099C showed up. Should I include the 30K and file Form 982 to get out of it or just not include the forgiven amount? Thanks.

[bgiez]

A 1099-C, if any, would have gone to the bankruptcy estate, not to the taxpayer, so, no, do not include it as COD income for your client.

[Gary2]

A 1099-C, if any, would have gone to the bankruptcy estate, not to the taxpayer, so, no, do not include it as COD income for your client.

However, any reduction in attributes on the bankruptcy estate's 982 are likely to carry over back to the taxpayer.

But a more likely and less pleasant possibility is that the credit card company won't issue the 1099-C until a later date. They'll be wrong, but it happens all the time.