Author Topic: 1099-C Confusion  (Read 26263 times)

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BLT

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Re: 1099-C Confusion
« Reply #30 on: January 26, 2013 03:49:46 PM »
I have another Chase account that has gone to URS and MRS since 2010 and a CA (ready to sue).

How can Chase send a forgiven debt 1099 notice after 2 years and 3 JDBs ???
How is that possible much less legal?

I need to know what to do and fight back at Chase.

BLT

trueq

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Re: 1099-C Confusion
« Reply #31 on: January 26, 2013 04:57:40 PM »
Chase is doing same thing to me.

Chase sold to JDB.

I sued JDB.   Settled with JDB which terminated the Chase accounts!

Chase than recalled after termination.    JDB breached   Settled again with JDB.

Chase then issued 1099's on the terminated accounts!

I reported as taxable because I had losses to offset (just easier at time).

Chase has been reporting balances on credit report for Chase accounts for 2 years since 1099's!  (6 accounts)

CRA's ignored the 1099's when I sent them in with dispute.  CRA's  Labeled my dispute frivolous.

Filed arbitration against CRA's. They refused to arbitrate.

Sued CRA's.

Now lawyers, looking at 1099's (you send disputes direct to lawyers at this point) have, zeroed out the balances on report.

Reporting problems still remain, but Chase, as well as CRA's a co-cospirators, is doing this systematically.

We need to get a class action together against Chase and CRA's!!!!
« Last Edit: January 26, 2013 05:04:09 PM by trueq »
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

MYDANDY

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Re: 1099-C Confusion
« Reply #32 on: January 26, 2013 05:13:10 PM »
If the JDBs have not proven that you owe the debt how can they issue 1099s?

trueq

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Re: 1099-C Confusion
« Reply #33 on: January 26, 2013 05:40:51 PM »
Great point!

Literally in WI, JDB's cannot prove assignment under 422.409 (1) &(2).

If you send notice demanding assignment in WI under that law the assignment is ineffective until JDB reasonably documents the assignment.

Even under order of the court to produce, no JDB has produced documentation reasonably identifying the assignment of the specific account with me.

So in WI, if you send notice (letter) demanding assignment under that law, no 1099-C can EVER be issued to you because the presumption of law sides with you once you demand the assignment!

We have some good comsumer law in WI, if one uses it!

The presumption is, once you demand assignment: you are authorized to pay OC until JDB produces it!

JDB's alleged assertion of possession of debt claim is essentially canceled.
« Last Edit: January 26, 2013 05:47:32 PM by trueq »
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

BrokeBob

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Re: 1099-C Confusion
« Reply #34 on: January 26, 2013 10:04:21 PM »
I just received a a 1099-C from BOA, multiple accounts almost $60,000.  They are still reporting on my CR.

The statement says I "was personally liable for the debt".

I remember a couple of years ago, I got a 1099-A from a foreclosure saying that I was still liable for the difference.  The accountant said I wasn't liable for the tax amount, and in fact could claim that as a business loss!

In this case, I will merely fill out the forms I always do, saying I was insolvent at the time of the forgiveness.  This could lead to a FCRA suit, though.

znb

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Re: 1099-C Confusion
« Reply #35 on: January 27, 2013 01:36:30 AM »
Both.

That's exactly what I was thinking, and I agree with the rest of your post. Thanks for the additional information too!

Anyway, she decided on her own to try for insolvency, or just to pay the taxes if not insolvent, and then she'll go after Chase et al in JAMS/Federal Court.

I'm not an attorney, and I have no legal background. Please don't delude yourself into taking my ramblings as legal advice.

My only super power is the ability to read and comprehend information quickly. I wanted it to be something cool like flying or bending spoons with my mind, but I took the hand I was dealt and am making the best of it. ;)

chaxsam

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Re: 1099-C Confusion
« Reply #36 on: January 27, 2013 01:37:44 PM »
What is the form to fill out of insolvency when you receive a 1099.

thanks

kevinmanheim

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Re: 1099-C Confusion
« Reply #37 on: January 27, 2013 02:15:00 PM »
What is the form to fill out of insolvency when you receive a 1099.

thanks
Form 982

BLT

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Re: 1099-C Confusion
« Reply #38 on: January 28, 2013 04:15:06 PM »
Regarding previously posted by DUH:
"The fact that they cannot sue to collect after an SOL has passed causes a lot
of OCs to issue the 1099C to get it off their books."

What if account was not SOL but sold twice or more to JDBs? It is already off their books.

What recourse does the consumer have against Chase?

BLT



freedy

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Re: 1099-C Confusion
« Reply #39 on: January 28, 2013 04:26:42 PM »
Chase seems to be active in sending the 1099's. Any word on the other banks, Cap one,Boa,etc?

kevinmanheim

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Re: 1099-C Confusion
« Reply #40 on: January 28, 2013 05:11:31 PM »
Chase seems to be active in sending the 1099's. Any word on the other banks, Cap one,Boa,etc?
If there was a chance I had debt forgiven in the past year, I would not file taxes until April 15th.

A few weeks prior to filing, I would go to the IRS office and ask for a printout of 1099s received by them for 2012 under my SSN.

MaryB

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Re: 1099-C Confusion
« Reply #41 on: January 28, 2013 07:29:13 PM »
I just received a a 1099-C from BOA, multiple accounts almost $60,000.  They are still reporting on my CR.

The statement says I "was personally liable for the debt".

I remember a couple of years ago, I got a 1099-A from a foreclosure saying that I was still liable for the difference.  The accountant said I wasn't liable for the tax amount, and in fact could claim that as a business loss!

In this case, I will merely fill out the forms I always do, saying I was insolvent at the time of the forgiveness.  This could lead to a FCRA suit, though.


Broke Bob, I received one also, what do I do with it?

I've been unemployed more than a few years, only own a house with spouse. No income other than spouses.

No cars or bank accounts in my name.
Fighting until I hear the fat lady sing!
3 cases against me... all finished favorably.

Arbitration record: 0 wins,  1 loss, turned to a WIN!
Court Record:  3 WINS!

CASES:
1.) received dismissal after election of ARB, then at 3yrs., 1099;
2.) above Arbitration judgment was dismissed with prejudice, after a fight in Court. Later OC totally deleted item from credit report.
3.) Settled... NDA

duh

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Re: 1099-C Confusion
« Reply #42 on: January 28, 2013 07:42:22 PM »
If there was a chance I had debt forgiven in the past year, I would not file taxes until April 15th.

A few weeks prior to filing, I would go to the IRS office and ask for a printout of 1099s received by them for 2012 under my SSN.

I always wait until then anyway, but for me I need to file an amended return
if a 1099 appears. It could arrive today but still wil be done with  an
amended return.

The tax preparer just simply cannot know of this should it happen, so
getting as many ducks i a row as possible

I am not an attorney. My posts about my experiences are for entertainment and  possibly educational purposes only.

If you need legal help, you should seek legal counsel.

duh

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Re: 1099-C Confusion
« Reply #43 on: January 28, 2013 07:44:57 PM »

Broke Bob, I received one also, what do I do with it?

I've been unemployed more than a few years, only own a house with spouse. No income other than spouses.

No cars or bank accounts in my name.

I believe you need to file and probably can use the insolvency end of things.

But I would check with the IRS or a tax preparer as to how the house equity would fit into things.
I am not an attorney. My posts about my experiences are for entertainment and  possibly educational purposes only.

If you need legal help, you should seek legal counsel.

MaryB

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Re: 1099-C Confusion
« Reply #44 on: January 28, 2013 08:00:49 PM »
I believe you need to file and probably can use the insolvency end of things.

But I would check with the IRS or a tax preparer as to how the house equity would fit into things.

House is free and clear, but not worth much as far as the asset value of it!
Fighting until I hear the fat lady sing!
3 cases against me... all finished favorably.

Arbitration record: 0 wins,  1 loss, turned to a WIN!
Court Record:  3 WINS!

CASES:
1.) received dismissal after election of ARB, then at 3yrs., 1099;
2.) above Arbitration judgment was dismissed with prejudice, after a fight in Court. Later OC totally deleted item from credit report.
3.) Settled... NDA