| Message |
Author |
 Posted: Mon Mar 31, 2008 9:17 am Subject: what happens if you dont pay the 1099-c? |
|
|
I consolidated all my debt and received 2 1099-c's from the banks. In total its around 10,000.
What happens if I dont report this to the IRS?
I did read up about being insolvent, and indeed I settled because I could not pay my CC any longer.
I am debt free and there still trying to get money out of me, just wondered the best way to go. Has anyone else out there not filed this and what happened?
|
|
jackszoey
Joined: 31 Mar 2008
Posts: 1
Debtcc Points: 50
|
|
|
| Posted: Mon Mar 31, 2008 9:25 am Subject: |
|
|
If you were to ever get audited you would be in a lot of trouble . . . . Taxes and the IRS is not something to take a chance on.
If they could prove that you intentionally left it out, there is the possibility of criminal charges in addition to financial penalties.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111513
|
|
|
| Posted: Tue Apr 01, 2008 8:25 pm Subject: Not paying 1099-c |
|
|
Chances are-the IRS got a copy of those 1099-c's. You may not hear from them for a little bit but when you do-be prepared to answer questions. If in fact you were insolvent then there is no reason to not include these with your taxes. You wont have to pay. If you do, why not just get it over with now? They will work out some sort of payment plan. It will beat getting hit up for it later down the road with added penalties.
Good luck!
_________________
http://girlndebt.yesdebtfree.org
|
|
girlndebt
Joined: 15 Dec 2007
Posts: 106
Debtcc Points: 5217
|
|
|
