What is the chance of receiving a 1099-C from cred
Date: Wed, 03/16/2011 - 10:10
Any debt that is forgiven where the forgiven amount is $600 or m
Any debt that is forgiven where the forgiven amount is $600 or more, you should receive a 1099-C for. However, if your debts are more than your assets and you can document your insolvency, you will not have to report the 1099-C amount as income.
My advice is to handle debt settlement yourself and save money.
My advice is to handle debt settlement yourself and save money. You will retain control of your accounts and keep up-to-date on what's transpiring with your accounts. There are numerous debt settlement companies that are not too reliable. Many of us on here handled our own and got better settlement percentages.
I settled 100k in credit card debt myself and I received 3-- 10
I settled 100k in credit card debt myself and I received 3-- 1099's totaling 43k. I will recieve another one next year as that one I just finished paying March 2011.
I am sure I am insolvent since I have 3 mortgages and am upside down on all but one. But filling out the form is proving difficult. Well, the 982 is not hard and I have it but the insolvency thing is over my head and my accountant does not know either.
Anyone want to help me on or off forum? It would be so appreciated. I tried to post all the numbers yesterday but for some reason it is not posted here, not sure why?
Kaylee
Kaylee, I would suggest you make a simple spreadsheet. In one c
Kaylee, I would suggest you make a simple spreadsheet. In one column, list your debts. In the other, your assets. If you're insolvent, the numbers will show it without question.
I settle with citibank last year at 30%, received a 1099-C this
I settle with citibank last year at 30%, received a 1099-C this past Jan, since my house is under water I was able to file insolvency. If you don't own a home under water you may owe taxes.
Kaylee- The IRS form comes with explicit instructions. From w
Kaylee-
The IRS form comes with explicit instructions. From what I have read from you on here, you can do it girl. Google it up too. You will see how others did it. It should not be causing you that much grief. It should be a math problem with you plugging in the numbers here and there. Good Luck.
Greetings "[URL="http://www.debtconsolidationcare.com/forums/mem
Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=246558"]jbare[/URL]",
In response to your original question of "What is the chance of receiving a 1099-C from creditors?".
In my case, it was 100%.
Got all of the 1099's from my settlement actions.
They did not forget.:shock:
Regards,
King "Kash" Jabba Labba
And according to the IRS, even if it is not received you must re
And according to the IRS, even if it is not received you must report the forgiven debt or it is on you. They have all of the bases covered, don't they?
