1099 tax form?
Date: Wed, 10/01/2008 - 19:00
1099 tax form?
Hello everyone. I think is a an absolutely wornderful website/forum. I have learned so much just by reading all the information provided by people. I am trying to start settling my accounts on my own and would like to know if you always get a 1099 tax form for all settlements you make regardless of amount?
thank you
thank you
The IRS actually requires them to report any cancellation of deb
The IRS actually requires them to report any cancellation of debt of $600 or more. Some will, some won't.
Usually if the OC still owns the account, they will probably send a 1099C. If a JDB bought the account and you are settling with them, they probably won't send one.
You could, if the lender considers it to be a forgiven debt.
You could, if the lender considers it to be a forgiven debt.