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Does a 1099-C have to be submitted in the same calendar year as the debt was cancelled in a Chapter 13?
Wiki User
∙ 8y ago
If it occurred before Dec.31st of the year in question. In some cases the amount can be distributed over a specified period of time. Conferring with a tax specialist would be the safest choice.
Wiki User
∙ 8y ago
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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.
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.
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.
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?
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.
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.
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.
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.
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?
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.
Can a car get repo after 1099c?
Yes
Will cancelled credit card debt be reported on a credit report?
It should. * Yes, and the debtor will receive a 1099C from the creditor, the amount shown on the form is considered taxable income under IRS rules and must be reported on the debtor's tax return as such.
Can a 1099C be issued for an amount that was forgiven?
AnswerWhen creditors cancel or "forgive" a debt they must send the debtor a 1099-C and also report it to the IRS. The IRS may consider the amount of the cancelled income taxable. Consult a tax professional.
If a lender purchases a debt and cancels the debt is there a time limit for a debt cancellation?
Cancellation of debts depending on individual circumstances can take a very lengthy time. When a debt is cancelled the creditor/collector is required to send a 1099C to the debtor and the IRS. A portion of the debt then becomes taxable income.
What year did the 1099c come into effect?
"http://wiki.answers.com/Q/What_year_did_the_1099c_come_into_effect" 1796
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 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.
