Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts

Re: 1099 ? taxable income?

[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by Taziblue ( 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.

Follow Ups:

Post a Followup




Optional Link URL:
Link Title:

[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]


    Top Of Page


Copyright 1999-2004 Enkephalos Web Design