I had cancellation of debt but did not receive a 1099c from the credit card company yet. How long should I wait? Do I have to report it if I do not receive a 1099c?
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You don't have to report anything on your tax return until you receive form 1099-C. And it depends on the lender when they will issue the form. The debt is considered cancelled once your lender/creditor no longer expects for that money to come and they close their books. It may be a couple years before they decide to foreclose and cancel your debt and issue you the 1099-C form, although they often do it in the following year. You may always call your credit card company and ask, but they don't often know the date when 1099-C may be issued.
You don't have to report anything on your tax return until you receive form 1099-C. And it depends on the lender when they will issue the form. The debt is considered cancelled once your lender/creditor no longer expects for that money to come and they close their books. It may be a couple years before they decide to foreclose and cancel your debt and issue you the 1099-C form, although they often do it in the following year. You may always call your credit card company and ask, but they don't often know the date when 1099-C may be issued.
I've got IRS letter now for 2017 tax year. Did not receive 1099-C then and still. What do I do now?
Please help!
I received several 1099-c 's from our Debt Relief Agency , however we do not have any taxable income.
What should we do?
How do I know if it required I guess is my question?
I receive a settlement offer from my credit card companey I had a balance of 2800.00 the offer they to settle was for $700.00 I paid them will I still need to pay tax on the balance ce on my 2023 tax
Yes, the forgiveness of credit debt is taxable in the year it is granted, unless you are insolvent at the time.
This means you can expect to receive a 1099-C with $2100 on it. Even if you don't get the form, it's still taxable.
Follow this link for more on reporting 1099-C.
Follow this link for more on insolvency.
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