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

“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 … 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 … Read more

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

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 … Read more

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

“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 … Read more

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

“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. … Read more