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Found 6 results

  1. I owned a home with my ex, and during divorce in 2006, I quitdeeded the house and sold my half to him because he wanted to keep it. Divorce docs required him to refi to get my name off the mortgage and equity line, but he didn't. Fast-forward 1 year - he defaulted and it went into foreclosure. After producing my divorce docs, the banks told me they wouldn't pursue collection on me, but that it would still affect my credit. I dealt with 7 years of bad credit and denied leases/loans, and FINALLY it ended last year. Except, now I just got a 1099c for the equity line saying I have to claim the "forgiven" amount as income. My ex no longer works because he can't hold down a job, and lives with his family, so I'm concerned that they'll come after me for all of the taxes owed on this "income". I've done a little research into statute of limitations on debt and limits on sending a 1099c on an old debt, and I can't find anything clear. I'm hoping to be able to prove the 1099c was sent too late to hold me liable because I think it'll be easier than using my divorce docs to claim I'm not liable. I just don't know enough to know where to go and what to do on all this, and I don't have the money for a tax lawyer for, at minimum, $200/hr. Help!!
  2. I had a defaulted Citi card that they sold to Asset in 2011. In Feb or March of last year (after I had already filed my taxes) I got a 1099C from Citi for the that same account. Two different tax advisors told me to just file an amended return and a 982. But the point is, the 1099C shouldn't have issued. They sold the debt 3 years before issuing it. Is tax court the only way to contest a 1099C?
  3. Stating that due to a 1099c form submitted by ECast Settlement that I had failed to declare 'forgiven-debt' income of over 1200.00. I have never had contact with this company, or any debt collector in more than a decade (filed Chapter 13 in 2003, but voluntarily withdrew a few months later) and whilst Googling this firm am beginning to realize that there is something very wrong here... Aside from hiring a tax attorney, which I really can't afford to do...wondering if anyone could offer advice on how to proceed? Thanks!
  4. I have a question about this, if you're settling say... and old apartment debit with a CA. This debit is past SOL and you're paying it in order to clear the road for an eventual mortgage. What happens if the CA has tacked on unreasonable or even illegal levels of interest and you settle for nickels on dollars? Would this 1099-C reflect the difference between the original debit or the possible illegal interest?
  5. My LLC owed x,xxx,xx amount. The bank now issues 2 sets of 1099 C for the exact same amount x,xxx.xx one to my LLC and the other against my personal socsecno. Is this legal? 1.Won't this mean i owe this amount twice? 2. Do I only file one of these 2 1099C when I file my taxes on my personal taxes? 3. What do I do with the other 1099C filed against my LLC in its ein tax #
  6. Hi All, I have an old debt with Capone that has been in collection for a while. Just received a 1099C like they forgave the debt. I have never spoken to Capone or any of the collectors they transferred the debt to. My credit report shows that this account was closed 10/2009 and "charged off as bad debt". I have a collection letter from a third party for this account dated 11/2010. How can Capone now just out of the blue issue me a 1099C for 2012? Can they do that? About to do some research, but wanted to see if anyone has experience with this.