Re: Question on Settlement offer

Posted by Been There (192.234.136.23) on March 01, 2004 at 12:14:30:

In Reply to: Question on Settlement offer posted by momtomat on February 18, 2004 at 09:34:50:

I am sure that Bank One will issue a 1099-C. I believe they are required to issue by the FCRA. Not only will they issue a 1099-C for unpaid balance, they will issue a 1099-C for any settlement that leaves them will $600 or more. Form 1099-C is considered taxable income, so depending on what your income level is, you could be hit hard.

Follow Ups:

Post a Followup