Didn't receive 1099s
Date: Mon, 02/01/2010 - 10:36
Hello everyone, love the forum. I have a question that doesn't seem to have been addressed. I did somewhere around 10 settlements on different CC accounts in 2009 with 5 different companies. So far, Feb. 1, I have not received any 1099-C's on these accounts. My understanding is that the company must send you a copy when they send it to the IRS. So this leads me to assume that these companies have not notified the IRS of these settlements. I have the approximate amounts that were discharged, but not exact figures. Should I report these to the IRS anyways even without a 1099 or just let it go. Either way I would be insolvent and not have to pay taxes on the settled debt but don't want it to come back and bite me later. :) Thanks for all your advice!
IMO you can contact the lenders and urge them to send intimation
IMO you can contact the lenders and urge them to send intimation to IRS. You can also report it from your side too I guess. Whatever it's, you really need to take action since you'd be responsible for penalties and charges from IRS later on. This is some creditors' tactics to screw the debtor. :(
Quote:Originally Posted by AnonymousIMO you can contact the lend
Quote:
Originally Posted by Anonymous IMO you can contact the lenders and urge them to send intimation to IRS. You can also report it from your side too I guess. Whatever it's, you really need to take action since you'd be responsible for penalties and charges from IRS later on. This is some creditors' tactics to screw the debtor. :( |
I am not sure it is a tactic to screw the debtor. If they don't send then the IRS does not get it. I do not beleive it is your responsiblity to request one.
Do you really want it???
They are required to send them to you, postmarked by 1/31. You
They are required to send them to you, postmarked by 1/31. You may still get them. I'd allow 10 business days from 1/31 before you file your taxes without them.