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Tag Archives: 1099C

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 »

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 »

Why Did the Credit Union Report My Forgiven Debt on a 1099C? – Anthony

Form-1099C

“Dear Jim, I took a personal and car loan out from a federal credit union was unable to pay. Just spoke to IRS they had me setup payment arrangement & told me that i might not owe because bank did a 1099c. Supposedly it was reported as earned income,but this is the first time I’ve heard about it. If i ... Read More »

How Do I Know if a 1099-C Has Been Issued? – Nancy

We had a house go into foreclosure last year, the house was in our separate names as we were not married, and live in Washington State. I did have a lawyer after the fact trying to keep us out of court for another matter relating to this. From what the lawyer said, because Washington is a non-recourse state, the bank ... Read More »

Will the CitiMortgage 1099C Form Impact Our Credit. – Alexie

justball-144x125

We filed a hardship letter with CitiMortgage and they agreed to settle our 2nd mortgage (equity line) by paying $60,000 and they would not pursue the remainder of the debt of $216,535 but would file a 1099C Form. We would then have to come up with $102,000 for the tax consequence. We want to refinance our 1st to include this ... Read More »

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

justball-144x125

“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 »

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 »

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