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 Posted: Wed Oct 15, 2008 1:11 pm Subject: 1099c |
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i divorced in 2004 & let a car go back to honda finance; in 2007 i was sent a 1099c from honda finance to file with my taxes; i paid taxes on the charged off amount; now northstar wants me to pay them because they bought the bought the debt; am i obligated to pay again? i had to treat what was charged off like income. please advise
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juicy75603
Joined: 15 Oct 2008
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| Posted: Wed Oct 15, 2008 1:24 pm Subject: |
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Yes, anytime you settle a debt for less that the amount owed, the fedreal goverment states you must claim it as earned income. 1099c is the tax form used to claim the earned income.
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| Posted: Wed Oct 15, 2008 1:27 pm Subject: |
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My understanding is that even though you paid taxes on the charged off amount, that doesn't cancel the legal obligation to pay the debt. I'm not sure though how you would reclaim that amount on your taxes if you did pay the debt??
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alias1958
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| Posted: Wed Oct 15, 2008 4:44 pm Subject: wait a sec |
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the for is titled - cancellation of debt. you are telling me that when they cancel the debt it is still collectable? that doesn't sound right and people falling into this category will have this thrown out when it is challenged in court.
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robert dff
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alias1958
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