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Is a Co-signer responsible for tax on a cancellation of debt for taxes(1099C)?
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I was just wondering if a Co-signer responsible for tax on a cancellation of debt for taxes(1099C)? I have not received a 1099 c yet and wondered if I should be looking for one. I Co-signed a loan for a car and it was repo'd. I ended up settling with the bank. The person I co-signed for is GONE!...
Taxes from a 1099C or A
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How does a person prove insolvency if they get a 1099C or A. I know it is assets to debt ratio. How does a person prove that. Does a the original loan amount that was taken over by the bank via foreclosure count as the debt as well or the amount that was not forgiven?
1099C not being sent for 3 yrs
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Im being told by Citi card that they will not send the 1099C for 3 yrs And IRS states that is a banking law, possibly okay. Can anyone tell me If this is correct and does this accure interest or what ?:eek:
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Hi , From a debtors point of view is it better for me to Settle an account in full or pay in full? If I settle an account and the Debtor writes off more than $600 -How much tax will I end up paying according to 1099c ? Regards, Madhavi
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I had a credit debt of $14,000 and settled to pay 7,000, which I had borrowed from my brother. How does this affect me filing my taxes? The 1099 C is for $7,000. By adding this as other income, I think it will make me owe quite a bit ot the IRS. Can you shed some light on this. View more questions Search
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