What to do about a 1099-C Debt Cancellation form to the IRS

The banks can’t LOAN!! you anything

It doesn't trigger an audit, it will trigger a CP2000

If I’m on SSDI would I still receive one?

What about tax form 1099-A are we able to fight garnishing since they took the money from my social security as money I abandoned?

Oh really? Start by telling the truth it's called Tax and Securities Fraud. Nobody should be receiving any 1099-C for cancellation of debt. What they're saying is that they've taken a loss on their books, then charging off the debt and filling a Tax Return for a Tax Credit and get that refunded. Then turn around and sell that account to these debt collectors for even more money, which is Identity theft for selling your personal information. Now without your consent and permission report this as default ,Repo etc.. on your credit report to these credit bureaus. This inaccurate and incorrect information must be removed from your credit report for violation of FCRA. Then finally, tripple dipping for bringing up these frivolous actions in court against innocent people who are not really liable for any canceled debt. You should know what is going on folks!

I was in a coma and have a 100% medical certificate. Can I get a credit card debt relief?

2019, state of Texas, payments will no longer "restart the clock". So don't be afraid to make payments

So, we received a debt of cancellation from irs and now have to pay back, do we file a 1099? for those two debt cancellations? each debt is worth 5 thousand each, creditors one for repo vehicle and other for old credit card debt, or voluntary return vehicle. We spoke with irs and rep stated to write a letter stating the potential value of the returned vehicles, is this correct? even though we have no idea of the value now and it was years ago? or will they reexamine and what if we need to owe back more than the 5 k each?

So helpful. Thank you 😊

if I have unpaid collections past the statute of limitations, will I still receive a 1099c

What about filling out a 982 form and adding it to a return will I still owe the debt

What happens if it were more than 7 years ago?

Wow so a company can hold the money to let in accrued interest and hit you with the 1099c years later?

I have a repossession with capital one capital one and it still showing open and it’s holding up for me to buy a new car. I called them today and they said that they can do a sentiment in the 1099C what should I do? I need a new car now and this is making my credit look bad and getting me declined for a new loan

Mr Steven’s stop misleading people

Hit the lender or banker with 1099-C and file a 8281 with it trail the money from when they first start double dipping

The dollar isn’t backed by Gold and silver so money isn’t worth anything people passing around federal notes I talked with treasury department they ripping off citizens they should not be paying for anything

How do you go about contacting the company to cancel the debt?

i still don’t get it, do you mean for example, i can just finance a car for free or cance credit card debt for free or what?

ok so if you th federally protcted consumer, original creditor, file a 1099-c form for a debt then at that point no one can come after you for that debt ever.

Hey would you be willing to help me through this process

Thank you for sharing your knowledge. I added some more information I am familiar with as a means to help others understand their rights dealing with creditors and debt collectors.

RE: W9's. Debt Collectors/Debt Buyers are NOT independent contractors. and this law defeats their contrived BS, when you sue them and they pay you damages for their violations of the FDCPA< FCRA and TCPA. They will always tell you that you have to sign a W9. DON"T fall for that nonsense.. Pursuant to The Privacy Act of 1974
This bill would make “a third party interlopers >Debt Collector/Debt Buyer,” vulnerable to litigation under the Privacy Act of 1974, which specifies that anyone giving their SSN is a voluntary act to such unauthorized entities, and any such entity requesting an individual's Social Security number disclose: (1) the authority soliciting the Social Security number; (2) if the disclosure of the Social Security number by the individual is mandatory; and (3) the uses for such information.
Section 7 of the Privacy Act (found at 5 U.S.C. § 552a note (Disclosure of Social Security Number)) provides that: "It shall be unlawful for any Federal, State or local government agency to deny to any individual any right, benefit, or privilege provided by law because of such individual's refusal to disclose his/her social security account number." Sec. 7(a)(1).

RE: Debt Collectors and Debt Buyers. Debt Buyers love to ASSUME they are creditors when they buy evidence of debt. Hold them accountable using the FDCPA.
Debtor-Creditor Law § 8.02 Persons and Transactions Covered by the Fair Debt Collection Practices Act
Under the foregoing definition, most debt collection agencies and their employees are covered by the FDCPA, whether or not they own the debts they collect. The focus must be on ''whether a debt was in default when acquired to determine the status of 'creditor' vs. 'debt collector.
Here is some case law: The Debt has no bearing on FDCPA case. Furthermore, the question of whether the consumer owes the alleged debt has no bearing on a suit brought pursuant to the FDCPA. McCartney v. First City Bank, 970 F.2d 45 (5th Cir. 1992); Baker v. G.C. Services Corp., supra, at 777. This case involves a truly repulsive instance of collection abuse. The validity of the underlying debt is not relevant or an issue in the action.

Good Rule: Write to the creditor and ask for any and all documentation regarding the account from its inception, including the original contract. See my comment below.

Some people think the 1099c form is to pay a debt 🙄

Can you still use a 1099 C for garnishments processing for collecting wages or is there a way to stop it before they start collecting?

All the charge offs I have, I've never recieved this form.

You're extremely boring!!!! And you're welcome to continue to live in the matrix!!!!

How do I request a 1099-c from collectors?

If I received the 1099-C form (for a student loan cancellation) after I filed my taxes and the IRS adjusted my taxes and now say I owe money. Can I go back and just do a 1040x for that year and resubmit it with adding the 1099-C form or should I just pay those taxes owed for that year because of the adjustment? Thanks

A loan modification debt collectors sent me.a.letter to my late mother's estate letter of cancelation, but are.trying to collect the debt.from me ..I have sent them conditional acceptance..to the loan.servicers .treasury and attorney general..have heard back

You are totally wrong all commercial contracts are legal tender 31 USC 5103 ALLL COMMERCIAL INSTRUMENT ARE LEGAL TENDER. The bank takes your contract and gets credit from the federal reserve its called a bill of exchange. the bank takes that credit and records it on their books as an asset of the total amount of the contract. the bank gives you that credit back to you for u to use as money. the bank never gave any of their money or asset to you as a loan. A loan is a sum of money. they use your promise to pay note as money.

I got the same form in California, 1,000$ For a macys credit card, It’s about 12 years old this amount

what if the debt was 22 years ago?

This is what we need to teach in SCHOOL. Starting in Economics or finance classes...heck American Government for high school students lol

Hi Mr. Steve I need a repo removed from my wife credit report. Can you assist me with this. Thanks

Thank you Sir for your advice on this. I knew nothing about this but had to learn because I got a form this year and didn’t know what it actually meant or what to do. You have helped me. I will turn this form in.

tx but what about 6 years later I received that

You don't have any contracts with a debt collection agency, are you legally required to pay a debt collection agency ?

Can I use a 1099 c to get a car?

Yes but they wrote it off as a tax write off and they are getting a tax break from the IRS… so they got a break from that…

My cancellation of debt came from a fraudulent charge so I never even touched that money or bought anything with that money.

Thank you this was very helpful!

Audio really low :/

Can I dispute a charge off on the basis that the 1099-C makes this income, and income cannot be reported on my credit report?

Is this good or bad on a credit card cancelation of debt

Hello sir, how long does a creditor have to give you a 1099-c

I received a 1099-C from a bank account that belonged to a partnership I was in which was closed about 4-5 years ago. Now the paper has the companys EIN my question is, Do I report this in my regular tax return or do I have to file a different one?

A lawsuit was filed against the company for wrongful practices which is why my debt was canceled. Why do I still have to pay taxes on it? I'm not sure how to specify this on a Form 982.