1099
Date: Wed, 11/24/2010 - 01:33
You should receive a 1099C for anything over $600 being forgiven
You should receive a 1099C for anything over $600 being forgiven and you will have to claim that amount as income. In order to make sure you aren't charged again in the future, have your settlement put in writing and have the company send you a paid in full or settled in full letter. If you receive a 1099C, hang on to that as they cannot come after you for more after they've issued the 1099C.