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Georgia law on cancellation of debt
Received a 1099C on an old credit card debt canceled in 1994. It was bought by an old debt collector who issued the 1099C. Original debt was $5,000 and now with interest they have issued it for $30,000 in box2. Box 3 is blank. I am worried sick about this and that it will affect my social security showing that much *income*. Also I don't have $6,000 to pay the IRS. What do I do? I consulted a tax preparer who didn't know either.
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Call the IRS on this to be sure (1-800-829-1040), but, in my opinion, any debt THAT old cannot legally be "resurrected" and collected.
That being the case, the Form 1099-C is NOT VALID. When you call the IRS, ask them what you need to do to challenge the validity of the Form 1099-C. Email me at [email protected] for contact information. |
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