If it sells for less than was owed, AND the bank cancels the remainder due (they don't have to, they can look to collect the difference and pursue you for years for t...garnish. attach, etc), the amount they cancelled is income to you and they should send you a 1099-C.
Contact your bank directly. They should be able to provide you with the needed paper work.
Based on the available information, it appears that the tax ID number for ING Bank is 51-0402191. This number should be on any W-2 or 1099 you receive from ING Bank.
You can call the person or business. If that doesn't get anywhere, you can use bank statements or invoices to determine your total amount earned.
One is done by the IRS, and the other is done by your bank.
For tax purposes, 1099's should be sent out by January 31st of each year. If they are not received in a timely matter after that date, it is best to contact the bank to request copies.
No secret. It is on every 1099-int they issue. 94-1687665
By law, all Employee Income(W-2), Government Payments (1099-G), Contract labor (1099), and Bank interest (1099-INT) documents are to be mailed to the taxpayer by 31 January of the applicable tax year. If you do not receive one you are expecting, the law requires you to contact the issuer (Employer, Contractor, Government Agency, or financial institution) and request the document.
No secret. It is on every 1099-int they issue. 94-1687665
Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.
It should be on the W-2, 1099 or other paperwork you obtained from them.
What probably happened was this: When your car was repossessed, the bank took the car to an auction. As an example, if you still owed $10,000 on the car and they sold it at auction for $5,000 then you are still liable for the remaining $5,000 on the loan. The bank probably wrote this off as a bad debt, and reported it to you as Cancelled Debt (Form 1099-C). Under the Internal Revenue Code, cancelled debt is taxed as income unless you qualify for an exception (either being in bankruptcy or being insolvent at the time the debt was forgiven).
Government, police, tow, bank, repo, fleet lease auctions happen all across the continent, at many different times, and by many different methods. That being said, you do not need to pay to get access to auction listings. Federal, state, and local governments and banks, financial institutions and repo companies list all their auction information online for free.repokar.com