1099C was given to the student and her parents for a canceled debt that the student received from a student loan. She isn't a teacher . Who has to report the 1099C? The student is the borrower and the parents are co borrowers.
Is it a Parent Plus loan? If so, I would say the parents, who are the actual borrowers, would report the 1099C on their return.
Student loans are tough to cancel, is it a private loan, not Federally backed? What was the code for the cancelled debt and is the box checked that the debtor is personally liable?
Try to work up an Insolvency Worksheet to eliminate the debt from being taxable.
Hi Tax Lady, it is a private loan, student loan is the debt description and borrower was personally liable.
It is not a parents plus loan , they co - signed the loan for their daughter. code is F