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You received a 1099-C but have the receipt that it was paid Does it still go as taxable income?
Wiki User
∙ 15y ago
It would seem the 1099 is in error...contact the payer for a correction
Wiki User
∙ 15y ago
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Discharge of indebtedness taxabke income?
Generally, Yes...you will receive a 1099C evidencing it. However, if part of a bankruptcy, it may be excludable as taxable income.
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 report a settled credit card account to the IRS as income if you own assets and you paid less than what you actually owed and they wrote off the rest?
If the debtor receives a 1099C the amount shown on the form is considered taxable income and must be reported on their federal tax return.
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.
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.
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.
I filed a 1099c for debt and the account was sold to a new creditor do I have to pay?
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 had loaned you. In any case, no matter what the circumstances, the facts haven't changed....just the name of who you owe that debt to. That doesn't change anything about your accounting, taxability or reporting obligation.
Cancellation of debt occurred from a visa account in 1995 but I received a 1099c from IRS in 2006. Would statute of limitation erase owing IRS any tax?
Cancellation of Debt Income is taxable to you in the year that the creditor officially cancels the debt. It is possible, though a little strange, that they didn't actually write this debt off until 2006. Statutes of limitation have nothing to do with it.You should explore several exceptions that may apply to the taxability of this. Cancellation of Debt Income is not taxable if it is forgiven in a bankruptcy. It is also not taxable if you were "insolvent" on the date that the debt was forgiven. Insolvency simply means that your liabilities (debts) exceed your assets. If you believe you qualify for the insolvency exception, you should attach a Form 982 to your tax return to claim the exception.
You sold your property in a short sale you did receive a 1099c from the lender GMAC do you have to include this as income on your tax return?
Yes. The cancel of the debt is income to you and absolutely reportable...and has, by that 1099, already been reported to the IRS.
