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Tag Archives: 1099

I Got a 1099-C On My House in Miami. How Do I Handle This? – Bill

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“Dear Jim, Paid $200,000 for second home in miami in 2006. Got a 1099c for $80,000. This is for 2010, and i have not filed 2010 taxes. Just an extension. still can’t figure out how to handle 2010 taxes which i have not yet filed. I think i am too old for all of this. I don’t have the short ... Read More »

I Don’t Understand Why My Creditor Will Send Me a 1099C for Forgiven Debt. – Christina

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“Dear Steve, After being unemployed for 9 months,- got a job at apercentage of my former pay, and started working on payment plan with creditors. The only people Idid and could not pay were. The of my credit card companies who refused to settle or agree to resonable payment plans based on what I could afford. Got in volved with ... Read More »

The Cost of Settling Debt – Action News Detroit

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Here is a news report about the tax consequences of debt settlement. I’m afraid to say the report really glosses over the tax implications of settling debt and makes it seem as if everyone with forgiven debt will pay taxes but that’s not true. It’s more complicated than that. They key point to watch for is if the forgiven debt ... Read More »

I Want Charged Off Debts Removed From My Credit Report. – Edward

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“Dear Steve, I have 2 credit card debts that total $30,000 that have not been paid in 4 years and the banks have written them off. 1 bank has already sent me a 1099 form last year and I already settled that tax debt with the IRS. I have no intention of paying these debt offs, since they drop off ... Read More »

Our Second Mortgage Charged Off. What Now? – Lynette

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“Dear Steve, Our house was foreclosed in march 2009 in california. we had a 1st and 2nd loan. we received a 1099-A for the 1st loan, but nothing for our 2nd. when we went to get our taxes done, our tax preparer was asking for a 1099 for our 2nd so we can put it under mortgage debt forgiveness. We ... Read More »

Mortgage Company Sent Me a 1099-C. Do I Owe Tax On This? – Derek

justball-144x125

“Dear Steve, Last year I was hounded by my mortgage company to refinance my home. I had not been late on any payments. I was OK with my payments, not in any type of financial bind etc. I finally relented and listened. They offered to reduce my interest, but the rate wasn’t worth the charges. They came back and offered ... Read More »

Debt Settlements May Be Voided And the Money Due Anyway

A recent posting, “An IRS 1099-C Form Does Not Mean Debt is Discharged” caught my eye. It highlights a great potential risk for people that use debt settlement to eliminate their debt. The surprise is that while they think the debt settlement process has discharged their debt, it absolutely might not. A third circuit bankruptcy case recently decided that Form ... Read More »

What Happens When a Collection Agency Issues You a 1099? – Charlotte

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“Dear Steve, First of all, FANTASTIC WEBSITE! What happens when you are issued a 1099 from a collection agency? I’m worried come tax time we will owe a lot of money to the IRS. Help! Charlotte” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, ... Read More »

My Husband is Going to 1099 Me. We Are Getting Divorced. – Suki

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“Dear Steve, Hi Steve, I helped my husband run his business, he paid me each month, and for the first time in our marriage, he said he will 1099 me at the end of the year. I unfortunatly have gotten myself in heavy debt, 32 thousand in only credit cards that are in my name only. Im so scared to ... Read More »

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