Home > Tag Archives: 1099-C

Tag Archives: 1099-C

I Got a 1099-C From an Old Marriott Timeshare Debt

hiding-1

Question: Dear Steve, I received 2 1099-c in March. The first was for a Marriott Timeshare. The second was for a Credit card debt incurred in a business my husband had at the time. My husband and I are still married but have been separated for almost 2 years. I live in CA Last payments on this debts occurred in ... Read More »

With Forgiven Debt Both Spouses Can Get the Full Tax Bill

Boom! Comic Speech Bubble, Cartoon.

Question: Dear Steve, I came across your site doing research for a client on 1099-c from an ex spouse. Very helpful and it led me to this information on my Intelliconnect research site. You may already know this but I thought I would send it on. Thank you for your help and I just wanted to try and pay it ... Read More »

Your Advice to the Medicaid Mother and Her Daughter Was Terrible

credit_card_balance_transfer

Question: Dear Steve, Just read your article on HuffPost. I would never take advice from you or at least advice you gave this girl. As you said, BA cannot attach SS benefits/Medicaid. If mother has no other assets & gets no other income, she needs to write to BA & let them know she cannot repay this debt, for reasons ... Read More »

Help! An Old Credit Card Is Stopping Me From Refinancing

bob-warren

The only thing holding Bob Warren back from refinancing his mortgage is a debt he no longer owes. A few years back, Warren lost his job and had to let the credit cards go. When he got back on his feet, he settled one debt and paid back another. To his surprise, one of his card issuers — Chase — ... Read More »

Don’t Overlook the Insolvency Exemption for 1099-C Cancelation of Debt Income

taxform

It’s that time of year again, when people are receiving 1099-Cs for debts forgiven or canceled during 2013. Perhaps you were in a debt settlement program with successful results, and a lot of debt was forgiven. Or it may be that your creditor decided to formally cancel an old delinquent account to close out their records. You might have taken ... Read More »

Fannie Mae Wants to Settle Our Mortgage Debt for Less Than We Owe. – Dorrie

gift

“Dear Steve, Reduced payoff and the mortgage is in good standing We have a house mortgage with SLM (Fannie Mae). We have been getting letters from them stating that we are eligible for a reduced payoff if we refinance with another Mortgage Company. Now mind you we are current and always been current (direct payment from our checking account). First ... Read More »

Why is My Ex-Husband Not Responsible for This 1099-C From the Repossession?

hiding-1

“Dear Steve, Divorced single mom of three. The IRS held my last years refund of $9000.00. I finally asked them why and they said I failed to file a 1099-C from a 2006 repossesion and the vehicle was awarded to my ex in the divorce. The amount on the 1099-c is 10,300.00. I can’t afford to amend the return and ... Read More »

IRS Form 982 is Your Friend if You Got a 1099-C

IRS Form 982

Just because you got a 1099-C form from forgiven debt is not a reason to immediately panic and think you are automatically going to owe a lot of taxes on the forgiven debt. In the debt world a point of contention for me is the chronic misinformation about forgiven debt from debt settlement or a debt determined to be uncollectible. ... Read More »

I Got a New 1099-C on an Old Mobile Home That Was Repossessed. – Donna

1099C

“Dear Steve, Purchased a mobile home in 1996 with a mortgaged amount of 47000. Mobile home repossessed in 2003. My husband and I separated in May 2002. He refused to help pay any debt (mortgage, credit cards, etc). I immediately called the mortgage company to ask for help. They refused. I paid the note until August because by then I ... Read More »

My Wife and I Divorced But We Both Got a 1099-C For an Old Debt. What Now? – Steven

IRS

“Dear Jim, Vehicle debt was in mine and my wife’s name. Divorced in 2009, vehicle repossessed in 2009. We both received a 1099-C for the full amount in 2013. We cannot file a joint 1099, as we are divorced. How is this handled? Do we both pay taxes on the full amount or should it be split? Would this be ... Read More »

S Corp Line of Credit Backed by SBA Resulted in 1099-C From Chase. – Amanda

process

“Dear Jim, This is apparently yet another 1099C question :) For my S-corp business, I had a line of credit with a bank that changed loan terms after three years into a fixed loan. This loan was backed by SBA. I was unable to pay the new terms (and didnt actually understand that it was going to change) and tried ... Read More »

Payday Lender is Threatening Me With a 1099-C IRS Form. – Julia

1099C

“Dear Paula, i recived a 1099-c form with a cover letter sayng they will report deffault paydayloan as ordinary incom and that they officialy had forwarded the 1099-c form to the irs and it tells mea settlement agrement i called them and the guy told me if i didnt want the irs to get the 1099-c form to pay the ... Read More »

USAA Sent Me a 1099-C. Will This Help My Credit? – Andy

1099C

“Dear Steve, I had a credit card with USAA. I didn’t pay it and they cancelled the debt. It was for 5800 dollars. I was sent a form 1099-c and it drastically reduced my tax return. Will a cancellation of debt have any sort of positive effect on my credit? Andy” Dear Andy, A cancellation of debt will appear as ... Read More »

I Got a 1099-C and My CPA Says I Have to Pay Taxes On It

1099C

“Dear Steve, I’m confused now. I just had 1099-c sent that canceled out 51,000.00 of debt (30,000.00) from one creditor who never even called me, or sent nasty emails. The rest was the balance from other cards I settled for much lesser. I just went to my cpa and found out I owe 19,000.00 in taxes to the irs for ... Read More »

I Got a 1099 for a Debt Care One Was Settling for Me. – Ilene

1099C

“Dear Steve, I recieved a 1099 C from a bank credit card that I purchased in 2008. I lost my job and could not pay it until 2010 and I put the card on Care One which is a debt settlement service. I lost my job again in 2010 after paying to care one for a full year. They turned ... Read More »

Get My FREE Get Out of Debt Guy Newsletter

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt. You can unsubscribe at any time with just one click. After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

I promise to keep your email safe and secure.