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1099c - Why Chat? Anyone?
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Posted by Scared
(198.81.26.108) on April 15, 2003 at 05:26:00:
Hi,
I have been reading a lot on this board about CAs giving debtors 1099c forms after a settlement, and even to a widow for her husband's debt. My question is, can a CA give a 1099c form to someone whose debt they have not validaterd? Can they do it because they were unable to get an answer from you neither by phone nor mail? First I was afraid of a lawsuit, now I am also afraid I am going to get a 1099c. If I cannot come up with the outrageous amount my debt grew to once it went into collections to pay it ( even to settle it ), how in the world will I be able to pay the IRS taxes on it once it becomes my income?
Thanks!
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