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1099c filed,but now debt is paid. Can I get a credit?

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What happens if you receive a 1099c form,file it on your taxes as income,but then a year or two later you pay off said debt?? Are you able to claim it as a deduction some how on your current year tax return? ie: defaulted on a $5000.00 credit card,issuing bank filed a 1099c form and you claimed it as income but then a year later paid the debt in full.

I think the process would be to amend the tax return (1040-x) for the year that the 1099-c was filed.

Sub: #1 posted on Fri, 03/07/2008 - 07:05

Morningstar Morningstar

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I think the balance on the 1099 for the calendar year minus the amount paid off during the calendar year should be a tax write off.

Sub: #2 posted on Wed, 02/03/2010 - 11:25


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