That pesky little 1099 form, oh how it can change our lives.
Question: Dear Steve, I took out a title loan from Montana Capital (Simple Cash Loans) in 2016. Unfortunately, I lost my job and couldn’t continue making the payments. Tax records downloaded from the IRS website show the entire debt was canceled in 2019. I still have possession of the car, but Montana Capital is still …
Question: Dear Steve, In 2011, I lost my job and could not pay on an unsecured credit card from Bank of America that was approximately $25,000. Since then, I have been working, and last October refinanced my house to pay off other debt and do some major home repairs. I also received some inheritance (about …
Question: Dear Steve, Approximately 10 to 12 years ago, I was unable to continue paying on my Discover Card. This debt is from 10 to 15 years ago. I have no records in my files concerning this particular debt. I just received a 1099C form from the IRS. I know that I cannot dispute this …
Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off …
Question: Dear Steve, I had 2 mortgages from timeshare accounts default a couple of years back. One had the debt discharged in 2018, and the creditor issued a 1099c for the remaining balance. This was included as income in our 2018 return. The second one foreclosed in 2019, and the “credit grantor reclaimed the collateral …
Question: Dear Steve, I got a 1099-C from a bank headquartered in Malaysia for $970, but I never owed anyone that amount, and it is not on any of my credit reports. The 1099-C says forgiven debt for retail. Again, nothing on any credit reports like that. I filed my taxes to be on time, …
Question: Dear Steve, I have credit card debt and have received a 1099-C indicating that the company has canceled the debt. This is not true — they are not only continuing to pursue it but have increased it beyond the amount indicated on the 1099-C. If they had canceled the debt, the amount would not …
Question: Dear Steve, Is it lawful for a creditor to issue a 1099-c to a non-debtor spouse? The debt was incurred by the debtor spouse during marriage, but the non-debtor spouse was not a party to the debt and did not guarantee the debt. Irrespective of whether the community estate may be liable for the …
Question: Dear Steve, Ran through a rough patch a few years back. Three vehicles were voluntarily surrendered for repossession. My wife and I jointly owned all vehicles as borrower and co-borrower. My wife and I both received three (3) 1099-c forms for those three repossessions. I received three; she received three. Each vehicle’s canceled debt …
Question: Dear Steve, I know you’ve sort of covered this question before. My ex-husband and I recently received a 1099 C after a short sale. The short sale occurred because he wouldn’t cooperate with selling the property. The property was our primary residence. However, I now live in Virginia, and he lives in Maryland. He …