Latest Posts
Home > Tag Archives: 1099-C (page 2)

Tag Archives: 1099-C

We Got a 1099-C Five Years After We Lost Our House. – Eva

Ready to Collapse

“Dear Steve, We are in a situation out of our control. We had a forclosure do to the drop in market. We tried to short sale only to be denied after 6 months by the lender. There was a 2nd mortgage on the property. This whole process took place in 2005. Then in 2007 the 2nd wrote a cancellation of ... Read More »

    How to Deal With a New 1099-C Issued on Old Debt Using Little Known IRS Form 4598

    Screen Shot 2012-06-04 at 9.33.02 AM

    It seems more and more people are getting tax form 1099-C issued now for the forgiveness of old debt from as long as twenty years ago. That’s a problem for consumers. This old debt is sometimes called “zombie debt” because it appears to come back from the dead. The first thing you should do is not panic. There is a ... Read More »

      Zombie Debt 1099 Style. And You Thought Your Old Debt Was Dead. LOL.

      Ready to Collapse

      THE KING OF ZOMBIE DEBT: THE 1099-C. WHAT TO DO WHEN COLLECTION CONTINUES AFTER RECEIVING A 1099-C By Gregory M. Fitzgerals, Esq. Most folks who get a 1099-C accept that it is a good news/bad news thing. The bad news is you must include the 1099-C as income on your taxes. The good news is you no longer owe the ... Read More »

        I Got a 1099C Should I File Bankruptcy?

        Ready to Collapse

        I’m under debt program already 4 years, and still 2 credit cards ($ 20,000.00) are not settle. But I got 1099C and have to pay IRS and State around $8,509.00. I don’t have money to pay. Should I file bankruptcy? Ivonne Bankruptcy Articles and Posts You Must Read Click Here to Find a Bankruptcy Attorney in Your Area To get ... Read More »

          Forgiven Debt from Mortgages May Soon be Taxed Again as Income Unless Congress Acts

          Ready to Collapse

          by Lois Beckett ProPublica You bought your house when the market was high and then lost your job. In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a 2007 law, you don’t have ... Read More »

            There are Good Debt Collectors and Then There Are Debt Collectors That Lie, Cheat, Steal, and Threaten

            Ready to Collapse

            A reader brought the following article to my attention, America’s Abusive Debt Collectors on the It is an interesting look into some of the bad collection outfits by Gary Rivlin. Gary includes first-person accounts of some of the actions they were asked or required to do to keep their jobs as collectors. These bad acts included everything you wished ... Read More »

              The Timeshare Canceled My Big Debt to Them. Now What? – Craig

              Ready to Collapse

              Hi all, I’ve been cleaning up the last of my debt over the past couple of years. I was planning to go and settle with a defaulted Timeshare at some point. But on Friday I received a 1099-C from the Timeshare canceling my $9500 balance on my debt. While on the one hand this is great news, it brings up ... 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 »

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

                  “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’m Freaking Out About Owing the IRS after Settling My Debt. – Jerry

                    Ready to Collapse

                    “Dear Steve, I completed a debt settlement in 2010 where I retired 160,000 in debt for about 60,000. I had to liquidate my 401k of 38k to help. I knew about the 1099-c thing but calculated I could claim insolvency. I am still working making good Money but my expenses where high and instill own my home I procrastinated with ... Read More »

                      I’ve Been Hounded by Dell Computer for Eight Years for a Debt I Do Not Owe. – Thomas

                      Ready to Collapse

                      “Dear Steve, I have been hounded by Dell computer for about 8 years for a computer delivered to a person unknown in Tampa, FL. I have written to Dell (have cert. mail receipt) informing them I did not have any dealings with them, that I did not order or receive computer equipment and for them to provide me with proof ... Read More »

                        The Cost of Settling Debt – Action News Detroit

                        Ready to Collapse

                        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

                          Ready to Collapse

                          “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

                            Ready to Collapse

                            “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

                              Ready to Collapse

                              “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 »

                                Get My FREE Get Out of Debt Guy Newsletter

                                Latest Info, Best Advice, Cutting Edge Tips

                                I promise to keep your email safe and secure.