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Do you have to pay taxes on 1099c?

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A 1099-C is a cancellation of debt form. The technical answer to your question is yes, however, under certain circumstances you may be able to avoid paying by showing insolvency, like in the case of a foreclosure. A 1099-C applies when you borrowed money, since you were expected to pay it back then in that instance you are not required to pay back. When the situation arises and you are unable to pay the debt, the lender has to cancel the debt, however, at the time the debt is cancelled the amount you had borrowed becomes income since you are not going to pay it back. In that case, like almost all income it is subject to income taxes. There are exeptions, like in the case of a foreclosure, however, you have to qualify. To figure out if you qualify it is imperative that you check with an excellent accountant or someone that deals with tax liability (i.e. Enrolled Agent) and understands tax law. Hope this helps. Roger Hadad, Effectur Inc., www.irs101.blogspot.com
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Do you have to pay taxes?

You don't have to pay taxes if you don't want to, but you may be subject to fines and punishments depending on where you live.

I filed a 1099c for debt and the account was sold to a new creditor do I have to pay?

  Answer   You mean you received a 1099C right...you had (cancellation of debt)income because you had a bankruptcy or failed to pay what the persdon issuing it to you

What taxes do you pay?

Un-answerable. (first by "you" I suspect you mean "everyone"). All taxes are paid by someone, or something (a company for example). But not everyone pays all taxes, certai

What do taxes pay for?

See the "Grace Commission Report". The report said that 100% of what is collected is absorbed solely by interest on the National Debt, and by federal government contribution

Why pay tax?


Why do you pay tax?

tax is for the city. the money you pay in tax goes to the city and is used to improve parks,street cleaners library, public pools, etc. anything that is used for the city. som

Why pay taxes?

  Because someone has to pay for the roads and social programs. If you don't want to pay for this, vote for politicians that want to eliminate taxes and make everything pr

How do you get a 1099c?

See my answer to post "Collections after 1099c???"   A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuan

When do you pay your taxes?

Any amount that you owe to the UNITED STATES TREASURY DEPARTMENT for the 2009 federal income tax was due to be postmarked by midnight April 15, 2010. ans The above is co

How do I pay taxes?

Paying taxes is a fairly simple process through the IRS tax  website. Simply access the site, create an account, and you should  be able to access what you owe or fill out y