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-   -   What happens if you don't file a 1099-c (https://www.askmehelpdesk.com/showthread.php?t=443014)

  • Feb 4, 2010, 06:16 AM
    Scooter 3
    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?
  • Feb 4, 2010, 06:50 AM
    ebaines

    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.

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