cancel
Showing results for 
Search instead for 
Did you mean: 

GRRRRR... 1099-C (Help appreciated)

Frequent Contributor

GRRRRR... 1099-C (Help appreciated)

I thought companies were not sending these anymore, we received one for my wife's old vehicle just when I was about to file my taxes. Do I ignore it? or file with a 289 form? I've read conflicting information,

 

Any help is greatly appreciated. 

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 1 of 3
2 REPLIES
Community Leader
Valued Contributor

Re: GRRRRR... 1099-C (Help appreciated)

Even though creditors often send out form 1099-C, debt discharged in BK is not taxable. My BK7 was discharged in Jan. 2011. I got several 1099-Cs and just ignored them when I filed taxes in 2011, I didn't file any forms explaining them, and was never questioned by the IRS. IRS Publication 4681 explains how debt discharged in BK is not considered taxable income.

 

 


Fico 08: 720/721/719 TU/EX/EQ
Message 2 of 3
Frequent Contributor

Re: GRRRRR... 1099-C (Help appreciated)

Thank you very much DaveinAZ!

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 3 of 3