Just discharged December 2012, filing taxes questions.

[duraflame]

My case was Chp7 no asset case. My question is will I be receiving some 1099 documents from creditors I filed against? If so should I wait for these before filing?

[LadyInTheRed]

Creditors should not issue 1099s for debts discharged in bankruptcy, but sometimes the do anyway. I would not delay filing my returns. But, if you file and get a 1099, you will need to amend your return and include a form 982 (I think that is the correct form number, but may have it wrong).

[btbeme]

The vast majority of creditors do not file a 1099...the exception being secured creditors. In the majority of cases you will not get a 1099 unless you had a home foreclosed. Expensive, surrendered vehicles sometimes garner a 1099, but credit card companies don't usually waste their time. If you had a mortgage dismissed in 2012 but still have the house, you would not receive a 1099 (typically) until after it was foreclosed and sold.

And, yes, the IRS Form 982, specifically Line 1a, is what you would need to file in the case you did receive a 1099 from a creditor.

[bcss]

Just to give you my experience. Discharged and closed my bk case the end of October 2011. I received four 1099s toward the end of January 2012. All from credit card debt. Just filed form 982 with my tax return. Funny had 3 Cap One accounts, but they only sent 1099s on 2. So I received 4 1099 out of about 20 creditors. I would wait till February to file. My .02

[btbeme]

I received four 1099s toward the end of January 2012. All from credit card debt. Just filed form 982 with my tax return. Funny had 3 Cap One accounts, but they only sent 1099s on 2.

Interesting. Those two accts from CapOne - were they somehow different from the third? For instance - you were primary on them but secondary user on the third? A big difference in balances? Any difference on when they were last paid before BK (i.e. one was written off but other two were not)? Both Visas and the other one Mastercard?

Just trying to see if there was any rhyme or reason here. I had twenty six creditors and not a single 1099. I know someone with 46 creditors - almost all were credit cards - and not a single 1099, but one from his mortgage.

[duraflame]

nothing so far! I did have a car voluntarily repo'd, but nothing yet.

[bcss]

If I remember right. The two accounts that Cap One sent 1099s had been sold to junk buyers. They were also the largest amounts. All 3 business accounts. To top it off the one they didn't send me a 1099 is the only one reported on my credit report. Go figure.

[Tony733]

If I remember right. The two accounts that Cap One sent 1099s had been sold to junk buyers. They were also the largest amounts. All 3 business accounts. To top it off the one they didn't send me a 1099 is the only one reported on my credit report. Go figure.

Cap One sent me 2 1099c's for the same account and same amount. 1 - under my business name with my SS number and 1 - under my name with my SS number. I filed BK for personal and bussiness 2011 and discharged 2012.

This now doubles their amount that I will have to report on IRS form 982. Should I care?

[LadyInTheRed]

Cap One sent me 2 1099c's for the same account and same amount. 1 - under my business name with my SS number and 1 - under my name with my SS number. I filed BK for personal and bussiness 2011 and discharged 2012.

This now doubles their amount that I will have to report on IRS form 982. Should I care?

I don't think so. Just fill in form 982 and attach it to your return.