The IRS considers canceled debt to be a form of income, since you received money or property and never had to pay it back. If you had debt canceled, you should receive a Form 1099-C that reports the amount of the debt canceled in box 2.
The IRS considers canceled debt to be a form of income, since you received money or property and never had to pay it back. If you had debt canceled, you should receive a Form 1099-C that reports the amount of the debt canceled in box 2.