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Cach LLC caused me IRS problems

Submitted by on Mon, 11/29/2010 - 09:48
Posts: 202330

In 2008 Cach LLC sued me and Court dismissed the case. In good faith I still settled the debt (which was not even my debt) with Cach LLC. However, I have never been informed that it means debt cancalation and therefore it is taxable income. Additionally, Cach LLC never sent me 1099-c form. Now, IRS wants to penalize me because I didn't claim canceled debt as an income. If you have any input about this type of case, I would appreciate it. Andrew

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