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An old creditor has sent me a letter threatening to file form 1099C against me with the IRS. I bought a little $1500 machine when I was making okay money (about $14 an hour). Several months later I had a motorcycle accident and then lost my job. Shortly after that I lost my apartment and got a divorce. This was all about 3 years ago. I just recently started to get on my feet a little bit. I have a job making $14 dollars an hour again, and I was going to use my tax return for 2008 to obtain a truck so I could be self sufficient again. This threat takes that help, that option from me. What can I do? I can't afford to pay this debt yet. I need more time to get on my feet. I read the rules for filing a form like this, and I think they may not be able to legally do this, or I may still not have to report this, but I am not sure. Any one know about the do's and don'ts on this, what they can and can't do, and what I have to report and not report regarding this? "AMERICA'S WORST COLLECTION AGENCY'S" - RICEKILLER.COM FORUMS::
12 posts - 5 authors - Last post: May 27, 2008San Antonio, Texas 78216. Phone: (210) 979-3600 .. These idiots started calling me back in May, looking for someone who doesn't even live here. .. THEY REPORTED OVER $9000.00 TO THE IRS AS A 1099-C CANCELLATION OF DEBT FROM, I have found out that Asset Acceptance buys old debt and tries to
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So, because I can't pay them I will have a debt on my credit. Address : 300 Radio Shack Circle, Fort worth, Texas 76102, United States They then started harassing me at home and work with threatening phone calls. I received a 1099-C form on an old Chase/Bank One account that has been in dispute
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Until you receive a 1099C you have nothing to report. If you should receive a 1099C for cancelled debt, the amount of the cancelled debt is entered on Line 21 of Form 1040 as other income. You would owe income tax on the amount of cancelled debt, maybe $200 or so.
There are some exceptions if you were bankrupt or insolvent. However, you aren't going to owe much tax on this, so as far as the tax is concerned, you don't have much of a problem even if you have to pay income tax on the full amount.
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Having a 1099C sent into the IRS is not much of a threat even if the creditor is portraying it as such. If you say anything to him, say you regretfully will accept the 1099C and deal with the consequences. Then relax because you are off the hook for the $1,500.
threatening?
If the creditor files a 1099-C, you'll pay income tax on the amount of the forgiven debt. That will be a LOT less than the entire debt. AND he will be giving up the right to collect on the debt. If you're in a 15% tax bracket (likely at your income) the tax on $1,500 would only be $225. Tell the creditor to send you the 1099-C -- he's doing you a MAJOR favor! Fragen und Antworten von char_pow411 - Profil & Statistik von ::
I live in Texas, and have debt in Texas. An old creditor is threatening to file a 1099c on me with IRS? In USA - Frage gestellt von: char_pow411 - 7
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I asked if B of A would be willing to void the 1099-C since they did not He thought it was better for me to have them eliminate all of my debt from all . I was told that I would have my IRS check back in 7 to 10 business days. Since both my stepson and my name where on the Texas Title to the car,
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The 1099-C is a fact of life. If you don't pay them and they give up and take the debt off their books, it's income to you.
So the creditor is saying he will forgive the debt but will file a 1099c telling the IRS of your forgiven debt. You will then have to pay taxes on the 1500 give and maybe a penalty.
So you have a few choices as I see it...
1. Pay the debt
2. see a lawyer or tax preparer to determine IRS costs and pay that.
3. Buy the truck so that the creditor can take it.
It sounds like a hollow threat. If the creditor issues a 1099-C it would not be able to make any attempts at collection in exchange for absolutely zero. The creditor could write the debt off as noncollectable and just not make active efforts to collect it and it would still be valid as long as the statute of limitations for suing you was good. Better yet, it could spend a few bucks and sue you in small claims court and get a judgment and let it set in hopes that someday it would generate some payment.
If they did issue a 1099C, you would owe income tax on $1,500 instead of the whole $1,500.
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I live in Texas, and have debt in Texas. An old creditor is threatening to file a 1099c on me with IRS?