moe_delawn Posted April 25, 2007 Report Share Posted April 25, 2007 I received a 1099 from OC for my 2006 taxes. However they are still reporting that the balance is past due. This acct is way past SOL. I thought this wouldbe a $0 balance as it is a cancellation of debt and taxable income to me. I called and was told the balance remains the same as far as they are concerned, theyjust aren't collecting on it anymore. Is this a case of the data furnisher providinginaccurate info the the CRA's? Link to comment Share on other sites More sharing options...
direred Posted April 25, 2007 Report Share Posted April 25, 2007 No, it does not. It used to, but not any more. Link to comment Share on other sites More sharing options...
moe_delawn Posted April 25, 2007 Author Report Share Posted April 25, 2007 Expiration of SOL is one of the eight identifiable events which triggers a filingof a 1099-c. It is one of six that extinguishes the debt (others are bankruptcy,negotiated settlement, foreclosure, probate, and in receivership). This is fromTreasury regulation 26 C.F.R. 1.6050P-1 Link to comment Share on other sites More sharing options...
FICOrebound Posted April 25, 2007 Report Share Posted April 25, 2007 It would be great if a 1099 would cancel the debt on the credit report. Link to comment Share on other sites More sharing options...
Tazjeepcj7 Posted April 25, 2007 Report Share Posted April 25, 2007 How old is the account? Link to comment Share on other sites More sharing options...
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