Re: 1099-C Form

Posted by LadynRed (199.91.33.254) on January 07, 2004 at 09:10:47:

In Reply to: 1099-C Form posted by HUH? on January 07, 2004 at 07:32:37:

A charge-off does NOT mean you're going to get a 1099-C, believe me. They have to FORGIVE the debt before they'll send you a 1099-C and they don't forgive anything, they write it off, take their tax break and then sell the accounts to collection agencies.

A 1099-C IS reportable as income, BUT, if you can prove you are insolvent when the 1099-C was issued, you don't have to claim it as income on your taxes.

Follow Ups:

Post a Followup