Re: 1099 ? taxable income?
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Posted by Taziblue
(220.127.116.11) on May 20, 2004 at 10:35:02:
In Reply to: Re: 1099 ? taxable income? posted by J Kelly on May 20, 2004 at 10:13:37:
1099C is cancellation of debt. This event occurs when you settle a debt for less than the full value and the creditor issues the 1099C for the balance of the debt.
Ex: Settle a 1000 debt for 500, the 1099C is for 500.
Most people probably qualify as insolvent if they are in a position to get a 1099C
By law, the chargeoff occurs 180 days after the last payment. Then it can go to a ca for collection.
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