top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

1099-c and my mistake in filing for insolvency

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    1099-c and my mistake in filing for insolvency

    I have received several 1099-c's. (code G) I have been insolvent for many years so I filed IRS Form 982. I also filed a list of assets vs. Liabilities. I only made one small error which the IRS caught. Wrong date. If the bank sends you an 1099-c it will have a date on it which the bank calls "date of identifiable event". I listed my insolvency as the same date. Wrong. Its the day before. So I had to amend my taxes.

    you were insolvent immediately before the cancellation to the extent that the total of all of your liabilities was more than the FMV of all of your assets immediately before the cancellation.



    Hope this helps someone.

    #2
    I just got one for a 30 year old student loan. WHEN exactly did I receive the money? IN 1985 I received 5k less some fees. Now for 2013 I get a 1099-C for over $12,000.

    One can amend forms 3 years back- why cant I go back 30 years and amend that return? That is when I received the cash!.

    and the $7000 interest- when did I recieve that? Particularly when savings accounts for less then 1% interest.
    Discharged- pro se- chapter 7~!

    Comment


      #3
      Anykey, you receiving the loan proceeds is not what would be taxable income. It is the forgiveness of debt that is taxable income in the amount of the debt forgiven on the date it is forgiven. The date of identifiable event on the 1099-c is the date that any income would be considered to have been received. If the 1099-c was for 2013, 2013 is the only tax return it affects.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


        #4
        Understood. I have a pro I may have handle it.
        Discharged- pro se- chapter 7~!

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X