Asset Acceptance Co Question
Date: Fri, 09/10/2010 - 23:41
Does AAC send a 1099c for the debt, when it is no longer reported?
They added about $16,000 interest or fees to this debt that was only $4,000 at credit card write off time.
You will only receive a 1099-C if you settle the debt for less t
You will only receive a 1099-C if you settle the debt for less than the amount due. If you're getting close to SOL, you're likely to start being bombarded with calls / letters and may even be sued.
Will the 1099c be for the original amount or will the added fees
Will the 1099c be for the original amount or will the added fees and interest be on the form?
It may or may not include interest or fees but the form has a se
It may or may not include interest or fees but the form has a separate box that separates out the interest if it was included in the total. See this sample. http://www.irs.gov/pub/irs-pdf/f1099c.pdf
Thanks Miss Ohio for your reply. Does the IRS expect tax payer
Thanks Miss Ohio for your reply.
Does the IRS expect tax payer to pay taxes on the canceled fees and interest?
AAC never proved the debt was mine and for the last seven years I have disputed the debt.
The dates and amounts never matched my old credit card debt.
The IRS expects you to include canceled debt over $600 as income
The IRS expects you to include canceled debt over $600 as income. If you disputed the debt and were never provided validation/verification and they've now sent you a 1099C, you may want to consult a tax attorney.
I disputed the debt at least 15 times over the last three years.
I disputed the debt at least 15 times over the last three years. AAC never sent me anything, except a bill.