Help ! Wells Fargo Debt - 1099C and Playing Dumb

[Anonymous]

Coolio ! I am looking into it now. 

[Anonymous]

Im sorry if you already mentioned but have you spoke to someone from the collections department? I was in a similar situation you are last year with wells fargo. Repo collection balance of $4000 and with it continually reporting. I called with small hopes of some kind of payment arrangement and came to terms of just dealing with it. The rep i spoke to said the sol had passed and there was no reason to pay. He updated the balance owed to zero over the phone and warned me a 1099c will come....which it did. So long story short, the balance went to zero and reported well before i saw the 1099c.

[Anonymous]

Yes the phone call mentioned was with the collections dept. that’s how I found out the 1099 was sent to the wrong address, when I asked they said I would have to dispute with the CBs, why I’m not sure. That’s why they took my address to mail the 1099 which I received about 2 weeks later. Guess it never hurts to try again ....... maybe I’ll call them today.

[Anonymous]

Creditors typically send 1099-C at the same time, not exactly when the cancellation happens. Meaning a debt settled or cancelled this year will have a 1099-c come sometime after 1/1/2019.

[Anonymous]

Yes, I am aware of that. Initially when they sent it I had never received it because they had an address from when I first got the WF account. Thanks 

[Anonymous]

the 1099 is for the 2016 tax year which should have been filed after 01/01/2017

[Anonymous]

So this was sent to irs last month year ?. if that is case, you would need to file amended return to use form 982 to claim insolvency if you were 

[Anonymous]

No, sorry if I was unclear in the orig post. The 1099 was suppose to be filed for 2016 tax year. I have NOT filed 2016 taxes at all as of yet due to I want to have them reviewed by a professional before filing and filing the form as well.  2016 taxes including the 1099-C have not yet been filed. I will be doing this in the next month or so. 

[Anonymous]

Ok. Got it