Subject: I received a 1099-c for a debt that was paid off
Sun Jan 31, 2016 3:11 pm
I had taken out an online loan in 2014, which I was delinquent on, so they sold it to a collection agency. I did pay the collection agency the amount owed within 2 months. Now I'm receivng a 1099-c for that loan and having to report it as income - but it wasn't. How can I show this on my return that the debt did get paid? It makes a significant difference on my refund.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.