My car was repo'd with a balance of 10g. It was sold for 6g and i had a deficiency balance of 4g. I settled and paid 2700 and was forgiven for the 1300. Now I have 2 1099c from the same lender one for 10g and one for 1300 why is that and do I have had to add both since technically the car was sold.
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You need to talk to the Lender about the 1099C for the $10K, as the amount actually forgiven was only $1,300.
You need a letter that it is incorrect, and they need to notify IRS that the 1099C for the $10K is in error.
You will report the one 1099C for the $1,300, however make sure you have the documentation to send to IRS (only if asked, do not send it with return filed) about the 1099C for the $10K.
You need to talk to the Lender about the 1099C for the $10K, as the amount actually forgiven was only $1,300.
You need a letter that it is incorrect, and they need to notify IRS that the 1099C for the $10K is in error.
You will report the one 1099C for the $1,300, however make sure you have the documentation to send to IRS (only if asked, do not send it with return filed) about the 1099C for the $10K.
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