Author Topic: General 1099C questions  (Read 63 times)

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duh

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General 1099C questions
« on: November 28, 2016 04:41:11 PM »
What has been the experience of those who have received 1099Cs?

Do they usually fall at the end of  the 3 year after ceasing collection or have you gotten  them much later?

Also...

How prevalent are 1099Cs from JDBs over OCs?

Any other comments are welcome.
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.

nobk4me

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Re: General 1099C questions
« Reply #1 on: November 28, 2016 09:42:41 PM »
I have only received 3 so far, from a default of multiple accounts in 2008.  Only from OCs.  In 3 different years.  Two were business accounts. 

There doesn't seem to be a pattern of predictability that I have seen.

Edited to add:  all 3 were for relatively small amounts, well under $5K, so I just added them to my 1040 return as other income.  I didn't bother with Form 982, as addition of the 1099C amounts did not change my tax burden.
« Last Edit: November 28, 2016 09:48:42 PM by nobk4me »
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