0
If you settled a debt for less than the full amount and received a 1099-C for the rest of the debt how should this appear on your credit report?
It will show up as a charged off debt for that creditor, but they may sell the debt to another entity and start collections against you for the debt weather you put it on your taxes or not is irrelevant. However, if you do pay the debt later, you can claim the payoff as a writeoff the same as you did it initially on the taxes but in reverse. Now its a debt if you can claim the debt as a liquidated assest.
What else can I help you with?
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
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 is the journal entry for amount received for 50 percent sales?
At the time of actual sales[Debit] Accounts receivable (full amount)[Credit] Sales revenueWhen half amount received[Debit] Cash / bank (half amount)[Credit] Accounts receivable
Does it show a balance if you settled a debt?
If you settled a debt, it typically means you reached an agreement with the creditor to pay a reduced amount to satisfy the debt, which may be reflected on your credit report. However, the balance on the account would show as zero if the debt was fully settled. It’s important to check your credit report to ensure it's accurately updated to reflect the settlement, as this can impact your credit score.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
What is the entry for commission received in the trading profit and loss account?
Commission received will appear on the credit
When paying a settlement is the credit score different if the credit report states 'paid' 'paid in full' or 'settled for less than original amount'?
yes, the credit score is affected. The people pulling your credit look at it this way, they want to know if you paid back what you borrowed with no problems, if there was a problem, or if they settled on a different amount, which means they took a loss. What would you rather see if you pulled a credit report on someone?
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
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 is the journal entry for amount received for 50 percent sales?
At the time of actual sales[Debit] Accounts receivable (full amount)[Credit] Sales revenueWhen half amount received[Debit] Cash / bank (half amount)[Credit] Accounts receivable
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
What does settled mean on your credit report?
A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
Does it show a balance if you settled a debt?
If you settled a debt, it typically means you reached an agreement with the creditor to pay a reduced amount to satisfy the debt, which may be reflected on your credit report. However, the balance on the account would show as zero if the debt was fully settled. It’s important to check your credit report to ensure it's accurately updated to reflect the settlement, as this can impact your credit score.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
Is unearned rent a liability with a credit balance?
Yes unearned rent is that amount which is already received but which is not due to be received yet that's why it is shown in liability section of balance sheet and it has credit balance.
If a creditor sends you a 1099-a is the debt 'forgiven' and how will it appear on your credit report?
Receiving a 1099-A indicates that a creditor has taken possession of collateral or has transferred it, but it does not necessarily mean the debt is forgiven. This form may suggest that the debt was settled or dischargeable, but you are still responsible for any remaining balance unless explicitly stated otherwise. On your credit report, the debt may appear as "settled" or "charged off," which can negatively impact your credit score. It's essential to review your credit report carefully and consult with a financial advisor if needed.
What is the total amount of cash credit from unsettled activity in the financial statement?
The total amount of cash credit from unsettled activity in the financial statement is the sum of money received but not yet processed or finalized.
