Yes.
Gross income includes income from discharge of indebtedness. It goes on 1040 under "other income"
Lenders have also filed the 1099-C with the IRS, so if you forgot to include it on your tax return, the IRS will contact you later with a recalculation of your tax return.
Blog Flux
About Me
- YouTube Channel
- I am a telecommunications engineer by trade, graduated DeVry - Chicago Campus, and worked WNUS-Chicago, KPIX San Francisco, Hewlett Packard and United Airlines - SFO. Born and raised in the San Francisco Bay Area. Lived in Europe, Africa for a short time, Mexico and South America. Early Childhood Education was my second career and my most rewarding. From vocational instructor at the college level to my own private preschool and kindergarten, this is the career that touched my heart. And now, even though I am retired and traveling the world, I still find the need to provide value for young children around the globe. I am the author of Travel the World on Social Security and several short fictional reads in the Kindle Store. My favorite Kindle eBooks are the series of educational books for kids ages 3 to 9 years of age. I have included each of the topics necessary for a young child to do well in Kindergarten. My eBooks are best viewed on a large-screen TV. The pages come to life, and children enjoy the enormous size of viewing their eBook on the big screen.