Ask Experts Questions for FREE Help !
Ask
    Scooter 3's Avatar
    Scooter 3 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 4, 2010, 06:16 AM
    What happens if you don't file a 1099-c
    My husband filed bankruptcy in 2003 but I did not. We just received a 1099-C from the mortgage company in my name that said it has been written off. From what I have read on the internet, "I" have to file the amount on MY taxes this year as income. Is there anything I can do to avoid claiming all this money as income?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Feb 4, 2010, 06:50 AM

    The 1099c documents a cancelled debt, which typically does count as income (unless you declare bankruotcy). However - if this canceled debt is from a mortgage on your principal home, the good news is that you may well be able to take advantage of the Mortgage Forgiveness Debt Relief Act - see the following: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation You will have to file Form 982 with your tax return to take advantage of this.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to file 1099-A [ 1 Answers ]

I filed chapter 13 in 2007 and we moved out of our home. Our sale date on our home was Jan 8 2008. We had already filed our 2008 taxes and just received a 1099A for our home. Box 4 has approx 133K and box 2 has approx 120K. I have read and re-read publications and I don't know what to do. We...

How to file a 1099-R [ 1 Answers ]

My wife and I filed taxes together, my son is 28 years old he didn't work in 2008 but he gets a 1099-R form, Can I claim him as a Dependent?? Or he has to file taxes by himself.

How to file 1099-misc [ 1 Answers ]

Where is the business code on a 10---misc form

Who can file 1099? [ 2 Answers ]

About two years ago I was hired to work for a real estate company with a notorious bad reputation of not doing buisiness the right way. I was a regular employee with set hours and came in on a daily basis. However, they 1099'd me is that legal? Could I be in trouble for that?

Which state do I file my 1099-R? [ 5 Answers ]

I have received (2) 1099-Rs. One is for a loan that I defaulted when I left my company and moved out of state. The other is for the disbursement that I withdrew when I first arrived in my new state. I lived in PA for the first 4 months of 2007 and then moved to IL for the remainder of 2007. I'm not...

View more questions Search