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Re: 1099C and the IRS


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Posted by Taziblue (68.130.206.71) on June 12, 2003 at 14:58:50:

In Reply to: Re: 1099C and the IRS posted by LadynRed on June 12, 2003 at 12:38:44:


You can claim your insolvency on IRS Form 982.

The IRS rules require that the 1099C is issued by Jan 31 of the next year in which the debt is cancelled. IE If debt is cancelled in 2001, then the 1099C should be issued by Jan 31, 2002.

Rules are the same as for W-2 forms.

If the give you one three years late, you might want to think about filing an amended 1040X for the year in which the debt should have been cancelled.

If someone qualifies for a debt cancellation that person is probably insolvent under IRS rules.




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