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WhyChat, Lady, Observer ?/w 1099C- Form 982
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Posted by MomOfTriplets
(66.136.176.227) on February 16, 2004 at 08:56:50:
Hi again everyone! WhyChat, Lady or Observer! I have one question and have read the form I need for my 1099C tax stuff and come to no answer. I know you can't give tax advice on here but I have to know...do I combine all of my cancelled debt amounts into one amount and one form? Or do I file each of the 3 individually? It says nowhere on the form or online handbook about the issue. I have read it over and over and it asks for "canceled debt" amount. Nothing about combining them. Any help? I have my car paid for, about $3000.00 FMV. I do have a lot of equity ($30K+fmv) in my home my husband and I share the title to for now, with a bank lien on it. I had no income for the entire year of 2003, does it seam I would be insolvent? My canceled debts are about $7500.00 combined, would my home equity be up for grabs for a tax lien if I am found insolvent? No doubt, I would pay the taxes before it got that far, I just have to plan it in my budget! My husband usually files head-of-household and claims my 3, 2-year-olds as dependants. He never claimed me. Any suggestions on how he should file? Married/Joint and include my 1099c income? Is this a better option? ARG..confusing. Oh and Observer...I settled with these 3 companies for the amount of(rounded within $500.00 either way to protect my privacy): MBNA 43% offered of $6500.00 debt. Chase 40% of $4500.00 debt and Discover was about 45% of $4500.00 debt. I settled for less than 50% of each one but bargained at the same time to prevent any of them from knowing I was settling with the others, too!
My experience MBNA was the easiest, accepted my offer after about a week and sent my letter with everything I wanted in it and gave me a month to pay, which I paid in 24-hours. Discover gave me the run around for a while and then finally faxed me the settlement agreement the day before due (they agreed over the phone 2 weeks before payment was due, but screwed around about mailing me the letter) and Chase were Bastards. They finally faxed me my agreement to the local office supply store and I had one hour to pick it up, get home and on the phone and pay with a "tempory bank account" my husband opened in his name for me for settling purposes ONLY. I made the transaction over the phone and still never got the 3 letters in the mail they said they sent over a 3 week period prior. Just be prepaired to make a phone payment of some type if they wait until the last minute with you. I would get a seperate bank account at a bank other than your usual and set it up for settling funds only. That way, once the funds are withdrawn, you can cancel it and noone will be able to access it in the future. Then, just wait til January of the next year and watch your mail, keep your fingers crossed and keep breathing. Just my experience! Thanks for any help..anyone! I am nearing the end of this battle and appreciate any piece-of-mind I can get! If it were not for this board, I would have been totally lost and probably would not still be here. You all are WONDERFUL! But don't think I will be gone after my ordeal is over. I still have my husband's debts to worry about next. You will hear from me again! lolololol Catch you later! :) Cookie
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