Re: 1099c - Why Chat? Anyone?
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Posted by Why Chat (209.240.198.61) on April 15, 2003 at 06:51:53:
In Reply to: 1099c - Why Chat? Anyone? posted by Scared on April 15, 2003 at 05:26:00:
You are confused.
A CA who has purchased an account cannot "give" a 1099 to someone who has not entered into a "settlement" arrangement. The 1099 's that were given to someone 2 years after the accont was defaultd on, were given by the OC (cap-1) and that distribution TERMINATED all CA rights to collect. The one that was distributed to the widow for her late husband's debt was because the account was deemed competely uncollectible from the estate. In my opinion,anyone who has to worry about paying taxes on addtional reported income from a 1099 write off, is financially able to pay their debts in the first place.
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