What is the name of your state?What is the name of your state?What is the name of your state?What is the name of your state?What is the name of your state? South Carolina
I received a 1099-C from Chase Auto. The loan was in both my mother & my names & so is the 1099-C. Our car was repossessed in 2000. The date of the debt cancellation is listed as 12/31/04. The amount is $15,000. My mother's only income is her social security. She has a reverse mortgage on her home. My 2 children & I live with her. My only asset is an old car for which I paid $700. She has $10,000 in credit card debt. I have a $9,000 student loan. My question is, are we considered insolvent? If not, can I claim the amount alone? It was my car so I don't want my mother to have to claim anything.
Thanks,
Nisou
I received a 1099-C from Chase Auto. The loan was in both my mother & my names & so is the 1099-C. Our car was repossessed in 2000. The date of the debt cancellation is listed as 12/31/04. The amount is $15,000. My mother's only income is her social security. She has a reverse mortgage on her home. My 2 children & I live with her. My only asset is an old car for which I paid $700. She has $10,000 in credit card debt. I have a $9,000 student loan. My question is, are we considered insolvent? If not, can I claim the amount alone? It was my car so I don't want my mother to have to claim anything.
Thanks,
Nisou