Quote:
Originally Posted by dbdball3  What is the name of your state? MA
Please help. I got a bill from the IRS saying I owe money from a 1099-C in 2005, I never got that 1099. Also the creditor states the charge off was 12-31-2005 when the charge off was in 1999. Is it too late for that creditor to submit a 1099 when 6 years have passed? |
No, its not. The creditor is required to issue the 1099-C in the year that the creditor charges off the debt. Obviously the creditor didn't do that until 12-31-2005.
However, its not automatically taxable income to you. You can challenge that.
If the cancellation of debt was due to a bankruptcy its not taxable income. If you were legitimately "insolvent" at the time that you stopped paying on the debt it is also not taxable.
How much debt are we talking about?...and what was the debt for?
You probably need to get a tax pro involved in this one, but at least answer those questions.
07-20-2007, 05:55 PM
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