Letter from IRS...please help!
Date: Mon, 03/08/2010 - 16:52
Sometime in the 1990s I had a Discover card that I defaulted on. The last time I made a payment with them was sometime before 1999; I'm thinking 97-98. I know for sure it was before 1999 because that is when I met my wife, and this account was already in default for over a year, maybe more.
Sometime in 2007-2008 I received a letter from Federal Pacific Credit Company trying to collect. Because the SOL had expired I ignored the one letter I ever received from them. Could have been more letters but I moved in 2008 and never heard from them again.
Today I get a form from the IRS regarding my 1040 EZ for 2008. It states that a cancellation of debt was filed by Federal Pacific Credit Company for $6900 and I now owe the IRS $1500.
My question is...if SOL was up on this account before 2008 and if this account was never DV'd, what do I do? Am I am going to have to pay this $1500?
I have NO records of this account since this started back in the 1990s so can't be too sure of the dates. But I met my wife in March 1999 and I know for sure this account was already in default by then.
Advice? What do I do?
Thanks!
Wow, the creditor must have written the debt off and sent in a 1
Wow, the creditor must have written the debt off and sent in a 1099-C to the IRS. I'm not sure what to tell you but I did want to acknowledge your post so you wouldn't think you were being ignored. I would also like to add, if for some reason you do end up paying this there are options available by the IRS, just go to their site and look around, they have an installment plan but you have to fill out a gazillion papers to be approved. Anyway, keep checking back for replies.
Also, the IRS form was a CP 2000. What I don't understand is,
Also, the IRS form was a CP 2000.
What I don't understand is, can this agency write this off in 2008 if the legal debt collection statutes of limitations had WAY pass? And if I want to contest this, how I go about doing it.
Debt collectors almost always have no proof of the debt and if y
Debt collectors almost always have no proof of the debt and if yours is that old, they deffinately do not have anything.
You should dispute that with the IRS and make the company who issued it prove that you owe it, if they can't you do not have to pay. You should talk to a tax person about this and also contact bud hibbs at his website budhibbs.com as he might have some good information and might be able to tell you what to do.
So what, should I send a letter to the IRS stating I do not owe
So what, should I send a letter to the IRS stating I do not owe this debt? And should I send a DV to Federal Pacific?
You should really contact bud hibbs at this website, http://www
You should really contact bud hibbs at this website, http://www.budhibbs.com/
Scroll down and on the left, you will see his E-Mail address, he knows a lot about this stuff and should be able to help.
This account is too old. I think is a big mistake of irs and i b
This account is too old.
I think is a big mistake of irs and i believe the bad debt collectors lied to irs about the date of this account.
Ask equifax to investigate this account for you.
Good luck.
I would certainly dispute it with the IRS. I've never heard of a
I would certainly dispute it with the IRS.
I've never heard of a CP 2000. Is it similar to a 1099c?
ANYWAY...if you can prove certain income/asset levels...you won't HAVE to pay the IRS.
If the IRS finds you innocent...I do 'bleve I'd find me an attorney & sue the one that got you stressed out.
Keep us posted, please.
I just checked the IRS site. I take it you did NOT receive a 109
I just checked the IRS site. I take it you did NOT receive a 1099c?
Are you positive the debt was SOL?
Debt forgiven is treated as income in the year it was forgiven.
Debt forgiven is treated as income in the year it was forgiven. The IRS does not forget. So, since it is income, it is taxed unless you qualify for insolvency at the time it was forgiven. Just a guess, but the IRS is not going to let it go just because of SOL. Income is Income. Good Luck.
Actually you do NOT want to use SOL because a SOL account is all
Actually you do NOT want to use SOL because a SOL account is allowed to be written off and 1099c can be filed. That's why I always say if you are sued, to use SOL as a last ditch defense because if you use SOL, the debt might be dismissed from court, but the CA will turn right around and file the 1099c.
You need to write a letter to the IRS and inform them that the debt is unvalidated and the company did not prove the debt is legitimate. You then send the company that filed this a strongly worded letter that this debt has not been validated and is not subject to filing a 1099c. Demand proof of this debt and if they do not send proof you will sue them.
