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What is 1099C means?

Updated: 4/28/2022
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1099 cc ? 1099 cubic centimetres

Nominal engine capacity, (bore * stroke) * number of cylinders

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Q: What is 1099C means?
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How do you get a 1099c?

See my answer to post "Collections after 1099c???" A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance of a 1099c which means they will give up their right to any further collection of this debt.


Do you owe the difference on a 1099C?

See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.


Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?

The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.


Can I not report 1099c on Massachusetts state tax?

If a copy of 1099C has not been sent to the state, how would the state know?


Can a car get repo after 1099c?

Yes


Does a 1099C mean the creditor has cancelled the debt?

Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.


What year did the 1099c come into effect?

"http://wiki.answers.com/Q/What_year_did_the_1099c_come_into_effect" 1796


Can you sue a bank for not sending you a 1099C when it was mailed to the IRS?

No. It is highly doubtful that the bank did not send the notice as it is in their best interest to do so and also it is the law. The debtor could request proof that a 1099C was sent to them and it is almost a certainty that there will be proof.


If you had a credit card debt of 14000 and settled and paid off half of that amount and received a 1099c for the other half of the amount not paid how does this affect your filing of taxes?

The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.


What should you do if you got a 1099C from a creditor even though you paid them off in full in August and they didn't write anything off?

Call first of course, but send them by certified mail, a copy of your payoff info and request they correct their records and acknowlege doing so by sending an Amended 1099C, (it may actually have a form number like 1099C-AMD). They aren't going to like doing so, because making amended filings for them is always a time consuming and expensive process, but they would have to. If they respond with any reasons they believe the 1099C you received is required, you can deal with that. If they don't respond or send the amended, the documentation you have should become part of your tax records and would appear to be sufficent to show your acting properly in not reporting the income.


Discharge of indebtedness taxabke income?

Generally, Yes...you will receive a 1099C evidencing it. However, if part of a bankruptcy, it may be excludable as taxable income.


I filed a 1099c for debt and the account was sold to a new creditor do I have to pay?

You mean you received a 1099C right...you had (cancellation of debt)income because you had a bankruptcy or failed to pay what the persdon issuing it to you had loaned you. In any case, no matter what the circumstances, the facts haven't changed....just the name of who you owe that debt to. That doesn't change anything about your accounting, taxability or reporting obligation.