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View Full Version : 1099c


jgn0910
Jan 26, 2010, 11:06 PM
Received a 1099C today on a debt I paid in 2006. The form states cancellation date as 12/31/09. Is there a statue of limitation as to when they can send the form to the IRS?

tickle
Jan 27, 2010, 05:21 AM
It is my understanding that the SOL applies to the debit, not the l099c. You will have to pay tax on the debt. If you Google 'l099c SOL' you will find further reading material on the laws concerning 1099c. I hope this helps.

Tick

Fr_Chuck
Jan 27, 2010, 05:30 AM
My understanding is that it applies to the year you receive the form.

MukatA
Jan 27, 2010, 06:00 AM
It is income in 2009 unless it is intended as gift, is a qualified principal residence indebtedness, qualified farm debt... For more info, IRS publication 525.