cancel
Showing results for 
Search instead for 
Did you mean: 
Visitor I

1099-C on Schedule C

I completed a Chapter 13 Bankruptcy last year. I received a 1099C for Cancellation of Debt related to a credit card I had for my business. The Debtor Identification number on the 1099C is my business EIN and the box 5 is not checked (debtor is personally liable for repayment of debt).  I haven't had this business for many years. Do I need to include this on a Schedule C Other Income?  And if yes I understand I should be able to exclude it from my income because it's from a bankruptcy using form 982. When I use the form 982 in the Turbo Tax Home and Business it seems to only be used for personal cancellation of Debt.  It does not exclude the Schedule C other Income. How do I exclude it since it is business cancellation of debt?