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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3121
Experience:  IRS licensed Enrolled Agent and tax instructor
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My client's husband died on December 2013. She received 3

Customer Question

My client's husband died on December 2013. She received 3 cancellation of Debt forms 1099C for 2015 with event code G. Does she need to claim this as income?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you.If she is also responsible for the debt (joint credit card or mortgage) or she is a cosigner/co-owner, yes she should claim it. But if the 1099C was issued to her deceased husband only and she is not responsible for the debt, than no.
Expert:  emc011075 replied 1 year ago.
Any questions? It is little controversial, some people would say she should because it was a joint asset and she benefited from it, other would say it is not her debt, she has nothing to do with it. But the fact is that the income had been reported to a dead account she is not associated with any more. If anything, the income should be reported by his estate, not her personally. I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.