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Capital One Settlement Guidelines:
Account Balance Days Since Charge-off
0-90 91-180 181-730 >730
Anytime they forgive more than $600 the IRS requires the creditor to file a form 1099C and give you a copy.
teamfico wrote:
oracles:Sometimes Creditors, like Capital One use the form IRS 1099-C for a forgiveness of debt (the balance of which is not paid) when a settlement is reached.So say you and the creditor agree to 40% of the balance. Then the other 60% is reported to the IRS on form 1099-C (forgiveness of debt) where you will report that as income on your IRS-1040.
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Salt Lake City, UT-841300281