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I recieved a 1099-C in the mail today. What exactly does it do?
Posted on 1/27/13 at 3:40 pm
Posted on 1/27/13 at 3:40 pm
This past year I did a settlement to pay off a credit card of mine. And i recieved a 1099-C in the mail today.
In simple terms, what exactly does this do.
Will it affect my tax refund amount?
In simple terms, what exactly does this do.
Will it affect my tax refund amount?
3
Posted on 1/27/13 at 4:14 pm to Modern
Income on your tax return.
Posted on 1/27/13 at 4:16 pm to Modern
yes, the amount your payoff was reduced by is income and taxable
Posted on 1/28/13 at 1:14 am to Modern
You benefitted from the cancellation of debt, and income is imputed to you to the extent of that benefit. There are exceptions that allow taxpayers to exclude the income. You really need to sit down with a CPA or tax attorney to discuss the implications of the 1099-C, and how it should be reported on your tax returns.
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