Thank you for your question, and thanks for using JustAnswer.com
The answer to your question is, neither - the income from 1099-C goes on the "other income" line of your 1040. It does not go to schedule E or schedule C
You can read about that HERE on the IRS 1099-C form, where it gives "Instructions for Debtor"
If you are insolvent, or filed for bankruptcy, then you may have an exclusion from income.
CLICK HERE to look at the aforementioned 1099-C form
Is there anything else that I can assist you with today?
Thank you.So if I'm using Turbo Tax Premier, I just enter this on the "other income" line of the form? Doesn't it need to be explained or otherwise tied to the 1099-s?
No, it would just go on "other income" - the IRS will look there to make sure it's reported
Ok, unfortunately TT's interview portion isn't helpful, so I'll have to just go to the form and hard-enter it. Thanks!