dlow11 Posted March 29, 2012 Report Share Posted March 29, 2012 Received 1099 c on BOA charged off in 2008......i have not heard from them in a few years. Will they still come after me now? Link to comment Share on other sites More sharing options...
legaleagle Posted March 29, 2012 Report Share Posted March 29, 2012 Forgiven credit card debt is often taxable: 1099-C forms follow debt settlementSome good info here. My only question would be that this was never a court case or a stipulated agreement between you and them to pay a portion of this. They haven't even proven that this is your debt, nor did they give you a chance to negotiate. I'd take this to a tax attorney. Be careful they didn't sell this to Midland at the same time. Link to comment Share on other sites More sharing options...
dlow11 Posted March 29, 2012 Author Report Share Posted March 29, 2012 Some good info here. My only question would be that this was never a court case or a stipulated agreement between you and them to pay a portion of this. They haven't even proven that this is your debt, nor did they give you a chance to negotiate. I'd take this to a tax attorney. Be careful they didn't sell this to Midland at the same time. Link to comment Share on other sites More sharing options...
legaleagle Posted March 29, 2012 Report Share Posted March 29, 2012 Cancelled why? You could argue that it was never yours in the first place, and they have no legal adjudication of the debt. I could steal your garbage and photoshop out a bunch of credit card statements from any CC company in the contry. Does that prove liability? Link to comment Share on other sites More sharing options...
tigger Posted March 30, 2012 Report Share Posted March 30, 2012 (edited) You seem to admit (and accept) that you had a debt w/BofA, correct? As such, ignore advise suggesting you need to question the validity of the debt before proceeding. There are ways to deal w/a1099-c. But know this...you HAVE to claim it. It is a tax document, and you can get in trouble with the IRS if you do not claim it. Received 1099 c on BOA charged off in 2008......i have not heard from them in a few years. Will they still come after me now?In answer to your question, no--they can not come after you for this debt now. In addition, neither can anyone else. This is a good thing. Unfortunately, many freak out when they get a 1099-c, because they have to claim this as income on their tax returns. (Kind of a bummer.)The good news is, there are ways to deal with that (see below). Many people w/debt qualify as insolvent, which would allow you to avoid paying taxes on the amount of the 1099c. You just need a skilled and knowledgeable cpa, accountant, etc. I'm not talking from theory, hypothesis or presumption but from experience.My spouse got one this year. I did the research. Given his debt status, we are not going to have to pay taxes on the amount of the 1099-c. (yay!) The other good news (we believe) is the fact that no one else can come after us for that debt, (no junk debt buyers...wooohooo!) now--that we've been given the 1099-c, and are filing it...yes, it cancels that debt. Having been through a lawsuit this past year, knowing we can't be pursued for that amount is a massive gift that we are very grateful for. For more information on 1099-c see this link: 1099-C In the Mail? How to Avoid Taxes on Cancelled Debt - Page 2 | Credit.com News + AdviceAlthough my link starts on page 2, be certain to read page 1 as well--as the information is equally important. That's just the page I chose to bookmark the site from. Hope this helps and good luck! Edited March 30, 2012 by tigger Link to comment Share on other sites More sharing options...
dlow11 Posted March 30, 2012 Author Report Share Posted March 30, 2012 As such, ignore advise suggesting you need to question the validity of the debt before proceeding. There are ways to deal w/a1099-c. But know this...you HAVE to claim it. It is a tax document, and you can get in trouble with the IRS if you do not claim it. In answer to your question, no--they can not come after you for this debt now. In addition, neither can anyone else. This is a good thing. Unfortunately, many freak out when they get a 1099-c, because they have to claim this as income on their tax returns. (Kind of a bummer.)The good news is, there are ways to deal with that (see below). Many people w/debt qualify as insolvent, which would allow you to avoid paying taxes on the amount of the 1099c. You just need a skilled and knowledgeable cpa, accountant, etc. I'm not talking from theory, hypothesis or presumption but from experience.My spouse got one this year. I did the research. Given his debt status, we are not going to have to pay taxes on the amount of the 1099-c. (yay!) The other good news (we believe) is the fact that no one else can come after us for that debt, (no junk debt buyers...wooohooo!) now--that we've been given the 1099-c, and are filing it...yes, it cancels that debt. Having been through a lawsuit this past year, knowing we can't be pursued for that amount is a massive gift that we are very grateful for. Although my link starts on page 2, be certain to read page 1 as well--as the information is equally important. That's just the page I chose to bookmark the site from. Hope this helps and good luck! Link to comment Share on other sites More sharing options...
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