Re: 1099C and the IRS
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Posted by LadynRed
(199.91.33.254) on June 12, 2003 at 12:38:44:
In Reply to: 1099C and the IRS posted by Bob3 on June 12, 2003 at 12:33:34:
He's absolutely right, its for the year issued. However, as one of our residents found, an OC issued a 1099-C THIS year for a PRIOR year.. and yes, it would mean penalties. The insolvency factor is correct, if you can prove you're insolvent then you don't have to pay taxes on the 1099-C amount.
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