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1099-C Confusion


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I am seeing conflicting info on the boards in regard to 1099-c. Someone who knows 100% please clarify.
Here is my situation

Got 1099-C Cancellation of Debt from Chase yesterday.
Amount of debt discharged  approx $8500
Date of identifiable event Middle October 2012
Box 6 = G Decision or policy to discontinue collection.

Balance listed on Credit Report approx $9500
Question is: If cancelled/discharged by definition that means I don't owe right?
Does Chase have to adjust my balance to reflect the amount they discharged?
If yes, what do I say or write to them to get them to remove or update my CA?

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The whole 1099c thing is still a moving target.  At the moment, to the best of my knowledge, you owe taxes on what it says on the 1099c...period.  The amount on your CR includes interest and penalties that were no actually income to you...therefore, not your problem.

 

There is some confusion over whether or not this absolves you of the debt.  IMO, it does not.  They may sell it to a JDB, who will come after you.  You could probably fight the JDB in court, and win.

 

There is no way you can get them to remove this from your reports.  You could try dispputing it as "not mine" and hope they don't respond, but that's a very long shot.

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