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SEB - 02-29-2016

1. What is a 1099-C?

A 1099-C reports Cancellation of Debt Income (CODI). A lender is supposed to file a 1099-C form if it “cancels” $600 or more in debt. It files a copy with the IRS and is required to send a copy to the taxpayer as well. Four common reasons for filing a 1099-C are:

You negotiated a settlement to pay a debt for less than the amount you owed and the creditor forgave the rest;
You owned a home that went into foreclosure and there was a deficiency (a difference between the home’s value and what you owed on it) which was either forgiven or remains unpaid;
You sold a home in a “short sale” where the lender agreed to accept less than the full balance due; or
You did not pay anything on a debt for at least three years and there has been no significant collection activity for the past 12 months.

Caller type: Other
Caller: Jake
Company: IFD CAPITAL
Number: 844-715-5938

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thesfdude - 02-07-2016

Menacing collections call making an 8 year old debt sound urgent. They left message.

Caller type: Collection Agency
Number: 844-715-5938

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Sam - 01-22-2016

http://blog.credit.com/2013/01/what-is-a-1099-c-your-top-11-questions-answered-64306/

debt has gotten so large you can no longer afford to pay it, negotiating a debt cancellation with your lender might be just what you need in order to get by. Unfortunately, your next challenge might be a huge tax bill. In most situations, if you receive a Form 1099-C from a lender, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.

Caller: JOSEP
Company: integrity
Number: 844-715-5938

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lynn - 01-14-2016

If I get a 1099-C do I have to pay taxes on that amount?

Maybe. The IRS will automatically assume that the amount listed on the 1099-C is accurate and expect you to include that amount in your ordinary income when you file your tax return. Depending on the other income you earn and your tax bracket, the result could be a larger tax bill or smaller refund.

Caller type: Other
Caller: Joseph
Number: 844-715-5938

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Mr Sebok - 01-14-2016

1. What is a 1099-C?

A 1099-C reports Cancellation of Debt Income (CODI). A lender is supposed to file a 1099-C form if it “cancels” $600 or more in debt. It files a copy with the IRS and is required to send a copy to the taxpayer as well. Four common reasons for filing a 1099-C are:

You negotiated a settlement to pay a debt for less than the amount you owed and the creditor forgave the rest;
You owned a home that went into foreclosure and there was a deficiency (a difference between the home’s value and what you owed on it) which was either forgiven or remains unpaid;
You sold a home in a “short sale” where the lender agreed to accept less than the full balance due; or
You did not pay anything on a debt for at least three years and there has been no significant collection activity for the past 12 months.

Caller type: Other
Caller: Albie
Number: 844-715-5938

Reply

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