perchdinner 18 Posted March 30, 2015 Report Share Posted March 30, 2015 I sesarch the forum and only came away confused about the 1099c. I thoght the debt was forgiven and I didnt owe it anymore. I guess I was wrong , But I had gotten A 1099c from Chase last year for the two past due accounts I had with them. I already filed the 1099 on my taxes last year. My question is should chase be reporting these as zero balances. THey are both still reporting at full balance. , I am cleaing up my report and this is my first dilemna. Thanks Quote Link to post Share on other sites
momof5 992 Posted April 9, 2015 Report Share Posted April 9, 2015 Technically you still owe the debt. The 1099c was because they have deemed it uncollectible. How old is it? Quote Link to post Share on other sites
perchdinner 18 Posted May 20, 2015 Author Report Share Posted May 20, 2015 Three years it's from chase , I sent chase a letter and they change it to zero on my credit report Quote Link to post Share on other sites
bonedaddy77 1 Posted November 19, 2015 Report Share Posted November 19, 2015 What did you say in the letter? Quote Link to post Share on other sites
Flipper 20 Posted November 26, 2015 Report Share Posted November 26, 2015 Basically, any cancelation of debt aka debt reduction a card issuer grants is considered by the IRS to be taxable income to you. Unless you can prove insolvency at the time the settlement agreement was made, you are on the hook for the tax. Form 982 should be completed with your tax return and there's a worksheet to help you calculate insolvency (IRS Pub. 4681) - if your liabilities exceeded your debt at the time of the settlement, you should be excluded from some if not all of the tax liability. To your question about whether the amount on the 1099-c is a valid debt: You as the consumer can't be force to both pay a debt and show debt as income. Contact the issuer and if they claim the 1099-C was a mistake, demand to now what the mistake was. If they say there was no mistake but the IRS required the 1099-C, demand to know which IRS code they're relying on. By all means, demand an amended 1099-C be issued before you pay anything. Quote Link to post Share on other sites
WhiteMamba 12 Posted December 17, 2015 Report Share Posted December 17, 2015 Three years it's from chase , I sent chase a letter and they change it to zero on my credit reporti have 2 of these I want to have balance say zero, what did you say to them to get them to do this? Quote Link to post Share on other sites
wewe 0 Posted December 17, 2015 Report Share Posted December 17, 2015 same for me. Quote Link to post Share on other sites
perchdinner 18 Posted December 24, 2015 Author Report Share Posted December 24, 2015 I sent a letter then called in they finally gave in. Quote Link to post Share on other sites
wewe 0 Posted December 30, 2015 Report Share Posted December 30, 2015 Is there a specific address to use for chase? I'd like to try to get mine removed from my CR. Quote Link to post Share on other sites
121xGigawatts 1 Posted January 17, 2016 Report Share Posted January 17, 2016 On 12/24/2015 at 0:11 PM, perchdinner said: I sent a letter then called in they finally gave in. Can you provide more details on what you had in your letter and what you said during the phone call? I have two of these as well and would like to have a zero balance show if possible. Quote Link to post Share on other sites
