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Answered 2007-02-09 01:54:45
None. A 1099-C indicates a debt has been cancelled. The amount shown in box #2 is the amount that should be reported as income on the person's federal tax return. The amount shown in box #3 is the interest amount (if any) that may or may not be tax deductible.
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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.
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?
Can a car get repo after 1099c?
Yes
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.
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.
Does a Catholic priest have the authority to forgive sins?
Only by himself. Not by GOD!The Bible states that Only GOD can forgive a sin! And GOD will not forgive a sin unless GOD knows they will Never do that Sin again!
How many times did the bible say you have to forgive?
The Bible states, “ You must forgive 77 times, for the one who hurt you... needs it most.” We all need to forgive each other, in order to live out our faith and fulfill the quest we were given from birth.
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.
What is the Gaelic for 'forgive'?
In Irish, forgive is 'maith' or 'logh'.
What is the Irish word for 'forgive'?
Forgive is 'maith' or 'logh' in Irish.
What is the present tense of forgive?
The present tense of forgive is:I/You/We/They forgive.He/She/It forgives.
Forgive in Spanish?
to forgive = perdonar
Why is it good to forgive?
Because of you forgive
What is the Irish for 'forgive'?
logh
What are the suffixes for forgive?
forgive
Where does it say about if you cant forgive your brother how can god forgive you?
Mark 11:26 But if ye do not forgive; neither will your Father, which is in Heaven forgive your trespasses.
Abraham Lincoln assassination slave point of view?
Lincoln wanted to abolish slavery, and to forgive the states that were defeated.
To love is to forgive what does that mean?
To love is to forgive.
What is the verb in this sentence you want to forgive?
"You want to forgive" actually has two verbs, want and forgive.
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.
Will you forgive your wife if she cheats?
You can forgive her; do you want to stay with a wife who cheats? I will forgive her once. Probably not twice.
Where is forgive first mentioned in the bible?
But if you do not forgive others, your Father will not forgive you your sins. Matthew 6:15
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