Re: CC Debt, Charge-Offs, IRS & 1099-C
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Posted by jeje00
(12.228.1.206) on February 10, 2003 at 16:28:31:
In Reply to: Re: CC Debt, Charge-Offs, IRS & 1099-C posted by LadynRed on February 10, 2003 at 15:34:43:
In each of my personal experiences, the letter mentioning the possibility of a 1099-C was written on the original creditors' letterhead (Citibank and Providian) and arrived several weeks after settling with each collection agent. To reiterate WhyChat's clarification, the DIFFERENCE between what was owed and the settlement amount is what could be reported as income. Example:
Providian Debt 3,000
Settlement 2,000
______
DIFFERENCE 1,000 Reported on 1099-C by OC jeje00
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