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Level 20

Can a creditor send a 1099c 3 years after the statute limitations expired?

If the box to the right of boxes 1, 2 and 3 has the numbers (2017) in it, then this is reportable on your 2017 tax return.
Level 1

Can a creditor send a 1099c 3 years after the statute limitations expired?

Carl - then what is the significance of the date in box 1?
Level 7

Can a creditor send a 1099c 3 years after the statute limitations expired?

@cjc0101!! The significance is for and from the issuer/owner of the loan.  Box 1, Form 1099C. Shows the date the earliest identifiable event occurred or, at the creditor's discretion, the date of an actual discharge that occurred before an identifiable event. See the code in box 6 - .
A—Bankruptcy;
B—Other judicial debt relief;
C—Statute of limitations or expiration of deficiency period;
D—Foreclosure election;
E—Debt relief from probate or similar proceeding;
F—By agreement;
G—Decision or policy to discontinue collection; or
H—Other actual discharge before identifiable event
Level 20

Can a creditor send a 1099c 3 years after the statute limitations expired?

Basically, the date in box 1 has no meaning or significance for you. It's for the issuer of the form.
Level 1

Can a creditor send a 1099c 3 years after the statute limitations expired?

Often times these 1099-C received for a debt that has not been paid on for several years are easy to defeat.
Level 1

Can a creditor send a 1099c 3 years after the statute limitations expired?

@TurboTaxDianeW , I had an old bank account from about 8 or 9 years ago and I messed up didn't pay my loan and credit card payments. Just got notice from the IRS saying that this is the second time that they try to get in touch with me but this is the first notice that I have seen saying that I owe them tax money from 2016. After calling them up and being transferred 3 times I found out it was from debt from a bank and they close the account and did a 1099-C form and the bank never even sent it to me. Now I have to jump through some hoops and contact the bank get the 1099-C form that they issued the date that they close the account send it all to the IRS and then they decide if I am liable paying the taxes since it was from 2016. After all the running around and I get my paperwork and send it to the IRS around how long will this process take usually?
Level 1

Can a creditor send a 1099c 3 years after the statute limitations expired?

Tom,I submitted paperwork around April 10th and got a response last week, so around 2 months. There are several factors that can be used when contesting these old cancellation of debt claims. Court cases, statutes of limitations, when expectations of collections ended and so on. I just got an old cancellation of debt of $6,500 tossed out for a client.
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Level 2

Can a creditor send a 1099c 3 years after the statute limitations expired?

I'm jumping on the thread instead of starting anew,  but I can start a new query if preferred.

 

I received a 2016  1099C  from a cc company of 0 dollars  with specific account info.  The account was stale for easily 8 years and we were insolvent even with IRS activity during that time.

 

I received a 2018  1099C  from the same cc company of 30k  on the exact same account.  I sent them a note and advised this was  not permitted  and they responded that they were issuing it correctly anyway.  

 

I suppose this is the spot where an IRS form 4598  is to be used?    

 

Your thoughts would be appreciated.