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  1. 01-26-2009, 02:19 PM #1
    mrstucker
    mrstucker is offline Junior Member
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    Oct 2008
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    Debt cancellation and taxes

    What is the name of your state (only U.S. law)? MO
    I received a 1099-c in the mail today for a motorcycle that my ex ran off with. The debt has been canceled and now I am not sure if I have to report this as income. I was unable to pay this debt which is why it was canceled and I am not sure if it would qualify for insolvency or not.
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  3. 01-26-2009, 03:00 PM #2
    davew128
    davew128 is offline Senior Member
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    Nov 2007
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    So run the numbers and find out if you are insolvent on the date the debt was cancelled.
    When you find yourself in a legal dilemna, ask yourself:

    What would Denny Crane do?

    Quote Originally Posted by Bali Hai View Post
    DaveW for president!!
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