Today, I received a 1099-C Cancellation of Debt for the my son's estate. He was killed in a auto accident 3/04. According to the form, Chase Bank cancelled the balance on his credit card.
The statement shows the following; box #:
1. Date debt cancelled 8/11/2006
2. Amount of debt cancelled $4,654.42
3. Interest if included in the debt $0.00
4. There is no box 4
5. Debt description credit card account
6. Bankruptcy no, debt cancelled as a result of a bnakruptcy hearing
7. Fair market value of property $0.00
at the top is printed for Tax Year 2006.
I closed out my son's estate well over 2 years ago. Does this form mean that I have for file an addmented return for 2006. My son had been deceased for over two years -- therefore there was no income. If this amount was reported in 2006, is it low enough that I can forgo filing a return?
Or do I need to admend my 2006 return because I was executor of his estate.
Thanks for the advice.
dwk
The statement shows the following; box #:
1. Date debt cancelled 8/11/2006
2. Amount of debt cancelled $4,654.42
3. Interest if included in the debt $0.00
4. There is no box 4
5. Debt description credit card account
6. Bankruptcy no, debt cancelled as a result of a bnakruptcy hearing
7. Fair market value of property $0.00
at the top is printed for Tax Year 2006.
I closed out my son's estate well over 2 years ago. Does this form mean that I have for file an addmented return for 2006. My son had been deceased for over two years -- therefore there was no income. If this amount was reported in 2006, is it low enough that I can forgo filing a return?
Or do I need to admend my 2006 return because I was executor of his estate.
Thanks for the advice.
dwk