| Author |
Message |
|
Options 
Bookmark online
|
cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
|
|
Subject: what is this?
|
|
|
Fri Jan 08, 2010 11:09 pm
|
|
|
| Ustark, did I read you right? are you planning to ask for 1099C instead of paying the debt? That won't work. they will sue you first. |
|
|
Kellie
Guest
|
|
Subject: 1099c
|
|
|
Tue Feb 09, 2010 8:50 pm
|
|
|
| I recieved a 1099c from a very old collection debt. I have been on unemployment for over a year now. How will that effect me. On taxes. |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: 1099 c
|
|
|
Thu Feb 11, 2010 7:38 am
|
|
|
Hello Kellie,
If you have received a 1099 c , it means that the debt has been forgiven. This will be reflected on your credit report. Whether or not you need to pay the taxes, depends in your case on insolvency. If you were insolvent at the time of settlement, that is if your debts exceeded your assets, you may not be liable to pay the taxes. For that you need to fill the IRS form 982 or attach a letter detailing your insolvency, with the tax return.
However regarding the tax payment you can also contact a tax adviser.
_________________
Keep in touch  |
|
|
N
Guest
|
|
Subject: 1099A vs. 1099c
|
|
|
Tue Mar 02, 2010 2:17 am
|
|
|
| I received a 1099a for a foreclosure in the beginning of 2009. In mid 2009 they actually sold the property. The FMV value is different that the actual sold value. I reported the 1099a as a sale with a capital gain on Schedule D of the 1040 and I was able to fall under the exclusion bracket and not pay taxes. Now I am wondering were they supposed to send me a 1099c for the ACTUAL sale and I report the difference of the actual sale price in Mid 2009 on IRS form 982? Or will they send this in the following tax year? |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: reply
|
|
|
Tue Mar 02, 2010 10:02 am
|
|
|
Hi N,
If you are served a 1099A, and the Fair Market Value (FMV) is less than the debt, then you may get a 1099C next year. However, if the FMV is greater, you may not receive the 1099C.
Hope this helps.
Regards,
Aaron.
_________________
Keep in touch |
|
|
patty
Guest
|
|
Subject: 1099a
|
|
|
Fri Mar 05, 2010 12:08 am
|
|
|
| I recieved a 1099a for foreclosure in 2006...I recieved nothing else. The fmv is $117,000 the amount owed is $105,000. I did my taxes this year and inquired once again if I should be getting a 1099c. The tax adviser advised that since the FMV is greater than what is owed, that I would not have to claim anything. Just checking to make sure that I haven't missed something that is time sensitive and I end up owing for late filing. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
|
|
|
|
|
Fri Mar 05, 2010 3:13 am
|
|
|
| Wow that is good to know. Also for anyone who may need this info...if you had a spouse pass and this was the reason for your hardship they will forgive the debt. My mother in law got one of those forms after they sold off her house she let go and since she lost it due to my father in law dying she she did not have to pay. |
|
|
Derrick
Guest
|
|
Subject: Aaron
|
|
|
Fri Apr 02, 2010 9:23 pm
|
|
|
You wrote "If you are served a 1099A, and the Fair Market Value (FMV) is less than the debt, then you may get a 1099C next year. However, if the FMV is greater, you may not receive the 1099C. "
I received 1099A for the first loan with FMV=250k, my first loan was 240k and second is 60k. But I haven't received the 1099C from the second lender. What is going to happen? |
|
|
Ric
Guest
|
|
Subject: 1099C and 1099A
|
|
|
Wed Apr 14, 2010 9:00 pm
|
|
|
| Property was Deeded in Lieu of,in 2005 to lender & lender paid me 1K to do it..then in 2008 lender sent a 1099C claiming 98K to IRS, few months back IRS sent me a tax bill for the 1099C of 2008. wrote to IRS explaining, now IRS is asking for FMV and said they would adjust 08 tax bill.. What does all this mean.. from my tax working I should not have any tax bill..? never received a 1099A or C from lender.. Have no clue.. any light on this ? thanks |
|
|
cgar
Guest
|
|
|
|
|
Thu Apr 15, 2010 1:45 am
|
|
|
| If I got a 1099 c of 4983.89 how much do I need to pay |
|
|
sue
Guest
|
|
Subject: settled credit card debt
|
|
|
Fri May 21, 2010 5:34 pm
|
|
|
| My ex and I settled for less than we owed on our credit cards in 2005 and we never claimed it as income on our taxes as we did not know anything about it, and to my knowledge never received any 1099's (which I know the irs does not take into account) ... my question is, can the irs still come after us 5 years later for not reporting the settled amounts as income? they have never done so to this point |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: reply
|
|
|
Tue May 25, 2010 11:30 am
|
|
|
Hi Ric:
Can you please me more clear on your question. Once you have mentioned that lender sent you a 1099C, and again you are saying that you never received 1099C from lender.
cgar:
Can you provide more details on your credit?
sue:
If you have not received any 1099C or A forms, then you need not worry about reporting this to the IRS.
Thanks,
Aaron
_________________
Keep in touch |
|
|
Bubba
Guest
|
|
Subject: Credit card debt
|
|
|
Tue Jun 29, 2010 2:30 am
|
|
|
| I had a credit card debt of about $6,000 in 1998, which I did not pay. The bank, and then credit agencies hounded me for five or six years and then I heard nothing further. Today I received a call from a new credit card agency advising that they had just purchased my debt, which they calculate to be $24,000 and that they will send in a 1099c unless I pay them 25% of the debt. Am I dead? |
|
|
alberto
Guest
|
|
Subject: condo investment
|
|
|
Sat Jul 31, 2010 10:51 pm
|
|
|
My investment is now close to $120,000, I owe 219,000 and I bought it
for $255,000. I need to go through a deed in lieu of foreclosure since it
is impossible to keep paying it at my 76 years old.
What can I do to avoid a deficiency judgment? |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: debt
|
|
|
Mon Aug 02, 2010 12:05 pm
|
|
|
Hi Bubba:
Please provide details on which state you are in, and when was the last payment made on this account? The Statute of Limitations on this debt may have expired.
alberto:
You can do a short sale on the house. In case of short sale, the deficiency amount is forgiven. However, you will have to request the lender to agree to short sale. You can also take help from an attorney.
Thanks,
Aaron
_________________
Keep in touch |
|
|
Previous 1, 2, 3 Next 