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 You don't have to report anything on your tax return until you receive form 1099CAnd it depends on the lender when they will issue the form The debt is considered cancelled once your lender/creditor no longer expects for that money to come and they close their books It may be a couple years before they decide to foreclose and cancel your debt and issue you the 1099C formA Form 1099C is received when a debt (home, credit card, student loan, etc) you had is cancelled This happens when you receive money or goods but, due to circumstances, are not required to pay all or a portion of the amount back to the borrower (debt was cancelled) 1099c If you had more than $600 worth of debt canceled, the creditor will typically file this form with the IRS, and you will receive a copy You Form 1099 C Faqs About Liability For Cancelled Debts Formswift 1099 c forms free download