1099-C confusion
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Posted by JM
(172.135.200.196) on January 15, 2003 at 13:46:22:
My brother settled a $26,000 debt with Chase for $13,000. Now they say they will issue a 1099-C to the IRS that he must include in his taxable income. Can he offset the tax liability by issueing a 1099-C himself? More than 1/2 of the 26K was a result of an $8000 cash withdrawal to a 3rd party to loan/invest in a business that ultimately failed. He never received any payment on this loan nor any income from the business. Thanks!
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