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1099 form from Bank of America


badgermom
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I had a charged off debt dropped from my cr from Bank Of America a few years ago. I mistakenly used Nationwide asset services for debt elimination. last month I recieved from boa a 1099 (amount $8000). Actually, it appears boa sent it to Nationwide and they sent it to me. Have an appointment to have taxes done first week in April. I am self employed and file jointly with hubby, whose retirement income is tax free. Any thoughts on what I could expect? I assume I am obligated to show this to my tax accountant. don't want to ask for any trouble by not. Is this amount gonna be added to my income? My income for last year was only $23,000. that's alot to add to my income and have to pay taxes on.. any advice? thanks

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You need to declare it on your taxes. If you can show insolvency for the year it was issued, you might be able to wipe it out. It's considered income.

I received one last month from from a default three years ago. My tax person told me that I needed to show insolvency for that year. Also, you might ask your tax person about filing married but separate.

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You need to declare it on your taxes. If you can show insolvency for the year it was issued, you might be able to wipe it out. It's considered income.

I received one last month from from a default three years ago. My tax person told me that I needed to show insolvency for that year. Also, you might ask your tax person about filing married but separate.

I saw one of the Moderator's post something about this sort of thing in another thread today, saying that your insolvency for the year in question needed to be almost Chapter 7 to be able to qualify for this.

I don't think that's good news, but it could be, depending on your situation.

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