A friend of mine claims that he rec'd 1099's from all of his credit cards that he filed on. Saying that it is income for the tax year you filed. Does anyone know if this is true? any comments would be appreciated.
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Your friend is wrong. When you get a CH7 discharge, all your cc debt is wiped out. You will not receive a 1099C.
Hope this helps. -
I would like the answer to this also.11/09 FICO - 735 ~ 01/10 FICO 545Comment
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Even if he did receive 1099-C's for his discharged debt, it's non-taxable income that you report on IRS Form 982 and don't pay income tax on anyway.
--WilliamI am an attorney, but I am just not your attorney.
As such, any statement is not intended to create an attorney/client relationship.Comment
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How long do we have to wait to file our taxes to see if we're going to get a 1099-C from a discharged bankruptcy in 09? I was discharged in September and I'm working on my taxes now and I'm wondering if there is a time frame I should wait to see if any of my creditors are going to try and send me 1099-c's?BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
Scores: EQ 745 EX 704 TU 710 as of 08/15/2012Comment
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I'm not positive, but I think the deadline for mailing out tax documents is January 31. If you haven't received anything by now, you probably won't.
The only tax document I received from a creditor was a 1098 for the mortgage interest I've paid.09/28/2009: Filed Chapter 7 (Pro Se)
10/27/2009: 341 Meeting of Creditors
12/28/2009: Last Day for Objections
01/22/2010:
DISCHARGED Comment
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Don't wait to file. If you were to receive a 1099 later it's very simple to file an amended return.Originally posted by Amy26 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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I was told by my accountant that we "may" get 1099's from the credit cards we filed on but my case isn't discharged yet and the time period has passed for 2009 tax year I believe. He said should we get any we are declared insolvent anyway and it will not be an issue.Comment
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Even if you get 1099's you will not be taxed on the "income" when you bk, unlike the case if you had settled the debts directly.You can't take a picture of this. It's already gone. ~~Nate, Six Feet UnderComment
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