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What does writ amount mean?
The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.
Is a 1099 a considered debt forgiven?
If a debt is "forgiven," it is income to the debtor, and a 1099 is issued by the mortgagee or the creditor. You may not have to pay it, even if you don't file bankruptcy, if the debt was a mortgage on your residence.
Borrower personally liable for repayment of debt?
i have 1099c 2- amount of debt canseled 5- if checked, the debtor was personally liable for repament of the debt (x) 7- fair market value of property that mean that i suppose to pay any amount?
Can a creditor who has issued a 1099C for forgiven debt collect the remaining balance?
Tricky answer but you should be able to understand. If they did issue a 1099C for the debt, then they shouldn't then try to collect the balance. However, the debt maybe sold to a third party or third tiered debt organization who are generally hardcore and will ground and pound you on the phone. This shouldn't happen b\c now you will pay tax on the debt. However, like everything else in life there are always cracks and many of them. It will take 7 years from the time the last payment was made on the debt to be erased from your credit report. Don't worry about lawsuits either, although some states have a noticibly longer "statute of limitations" the only real way for them to sue you is if you are a property owner or have something to be made liquid. Hang in there.
Can you sue a bank for not sending you a 1099C when it was mailed to the IRS?
No. It is highly doubtful that the bank did not send the notice as it is in their best interest to do so and also it is the law. The debtor could request proof that a 1099C was sent to them and it is almost a certainty that there will be proof.
If my home goes to foreclosure and I don't file bankruptcy will I have to pay the difference owed?
You are responsible for it, although how hard it is pursued depends...if you have other assets of value...expect it to be pursued fairly strongly. If it is forgiven, it becomes taxable income, you will receive a 1099C for the amount and pay tax on the amount forgiven.
Does a 1099C mean the creditor has cancelled the debt?
Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.
If you had a credit card debt of 14000 and settled and paid off half of that amount and received a 1099c for the other half of the amount not paid how does this affect your filing of taxes?
The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.
What does writ amount mean?
The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.
Do you owe the difference on a 1099C?
See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.
Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
Can I not report 1099c on Massachusetts state tax?
If a copy of 1099C has not been sent to the state, how would the state know?
Do you have to file a 1099 c if you filed bankruptcy?
It MUST be issued. The tax effect may change because of the BK, but that is for the one receiving it to prove to the IRS...it is not anything involving the lender.
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 issuance of a 1099c which means they will give up their right to any further collection of this debt.
Is a 1099 a considered debt forgiven?
If a debt is "forgiven," it is income to the debtor, and a 1099 is issued by the mortgagee or the creditor. You may not have to pay it, even if you don't file bankruptcy, if the debt was a mortgage on your residence.
Are bad debts that are written off taxable or not?
"Written off" does not always (usually) mean a debt is not still collectible. The term "forgiven" indicates that the creditor no longer considers the debt valid. When a debt is forgiven the debtor will receive a 1099C from the creditor/collector and a copy is sent to the IRS.. The debt is then considered income and must be reported on the debtor's tax return as such.
Can a car get repo after 1099c?
Yes
