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    sdevelrow's Avatar
    sdevelrow Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 31, 2008, 01:34 PM
    I received 1099-c form in the mail
    I had a car through a tote the note place and it was repoed. I had it for 10 months. Then the sent me a 1099-c form. I was adding my taxes to see how much I was getting when I d it without the 8k my taxes would have been 7k and when I add that 8k in as income it said I'm getting 1k. I didn't know tote the note can do that being that they put the car back on the lot. What am I suppose to do
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 31, 2008, 02:11 PM

    A 1099C means that they forgave the balance of the loan after the repo. So this became income to you.

    What you have to do is include the amount on the 1099 when doing your return and deal with the results.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Dec 31, 2008, 10:05 PM

    1099-C means debt cancelled.
    You msut report this as income on your tax return.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 1, 2009, 08:26 AM
    All answers are correct.

    Form 1099-C income is listed on Line #21 of Form 1040, under "other income".
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