wdsman1 Posted February 8, 2012 Report Share Posted February 8, 2012 I received a 1099c from Chase for cancelation of debt. I did not settle or pay anything to this card. I pulled my credit report and the balance shows as the full balance. Also my Mortgage which was completed in Oct 2011 does not show on my credit report. Any ideas? Link to comment Share on other sites More sharing options...
racecar Posted February 8, 2012 Report Share Posted February 8, 2012 The 1099-c is for the balance of the debt,they consider that as income.You can dispute that with irs.Consult your tax advisor on how to report the 1099-c on your taxes. Link to comment Share on other sites More sharing options...
tigger Posted February 17, 2012 Report Share Posted February 17, 2012 Super informative article about 1099-c, avoiding paying taxes on it and other tax payer concerns re: 1099-c1099-C In the Mail? How to Avoid Taxes on Cancelled Debt | Credit.com News + AdviceLinks from this forum about 1099-c: regarding mortgages:How to Know if Your Canceled Mortgage Debt is Tax ExemptCan a Collection Agency Issue a 1099-C for Settled Debt?Also try searching the forums under "1099-c" and/or add the specifics of your situation to your search. Good luck to you, and hope this is helpful for you! Link to comment Share on other sites More sharing options...
bloomingdale Posted February 21, 2012 Report Share Posted February 21, 2012 There are two possible reasons why Chase issued Form 1099-C to you. (1) The SOL must have expired and court made a judgment to the effect. (2) Chase may have a policy to discontinue collection after a certain period. Concerning the non-reflection on credit report, there may be a problem with time of posting. Link to comment Share on other sites More sharing options...
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