Debt cancellation and taxes

[mrstucker]

What is the name of your state (only U.S. law)? MO
I received a 1099-c in the mail today for a motorcycle that my ex ran off with. The debt has been canceled and now I am not sure if I have to report this as income. I was unable to pay this debt which is why it was canceled and I am not sure if it would qualify for insolvency or not.

 

[davew128]

So run the numbers and find out if you are insolvent on the date the debt was cancelled.