Top of page 3 is not what this means.
First sorry this happened to you. Did the 1099 have your SSN on it, that is important. If it does, you will probably have to report it and then report that it is not yours. Let me know and I will explain more in depth below.
If you think this was a fake 1099, to confirm you may want to confirm with the IRS in the future to make sure it was NOT filed. You could get a copy of your tax transcript.
How can you get your tax transcript?
There are two main ways get your tax transcript from the IRS:
- Request your tax transcript online. This is the fastest way to request your transcript.
- Go to the Get Transcript
- Scroll down to the "Request Online" section and click the "Get Transcript Online" button.
- Register for the service and provide identifying information, including your social security number (SSN), date of birth and filing status. You'll need access to your email account, and you'll also need to supply account information from a financial product or service like a credit card, mortgage or home equity loan.
- Request an IRS transcript by mail. Transcripts usually arrive in five to 10 calendar days.
- Visit the same Get Transcript site used for requesting your transcript online. Click "Get Transcript by Mail" under the "Request by Mail" section.
- You'll need your SSN or Individual Tax ID Number (ITIN), birth date, street address, and postal code.
- Transcripts will arrive at the address the IRS has on file for you so if you have moved you will need to change your address with the IRS before requesting the transcript.
Assuming that the 1099-C does have your SSN on it and just in case, it's best to have it on your return, report it and then you can easily negate it. Go into turbo tax. Regardless Mortgage Debt may not even be taxable income so it won't cost you but, I know you don't want to show it.
If you need to enter it because it has your SSN, you can enter it as OTHER INCOME and enter a 1099MISC for the 1099C then enter another 1099Misc as a negative number and identify it as FAKED 1099C RECEIVED. I would also contact the local PD and report this as potential ID theft and keep all this documentation. This way if ever audited you have it documented. .
I hope I was helpful. I do not work for turbotax.
"Mortgage forgiveness debt relief act
Due to the magnitude of the real estate market collapse that began in 2007, Congress passed the Mortgage Forgiveness Debt Relief Act in 2007. For calendar years 2007 through 2020, you can exclude up to $2 million in forgiven mortgage debt if you were married and filing jointly—up to $1 million for other filing statuses. This also applies to debt that was discharged in 2021 provided that there was a written agreement entered into in 2020. This exclusion also applies to mortgage debt forgiven through a mortgage restructuring or in connection with a foreclosure.
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020 as a stimulus measure to provide relief to those affected by the pandemic. The CAA extends the exclusion of cancelled qualified mortgage debt from income for tax years 2021 through 2025. However, the maximum amount of excluded forgiven debt is limited to $750,000."
**I don't work for TT. Just trying to help. All the best.
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**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
