Chapter 7 Filing Taxes, 1099-C's, and When to Put them on your taxes?

[BrokeinMD]

Hi All,

As usual, I'm stressing about something I haven't even received yet, but thought it a good topic to get some help on and talk about as we all get ready to do our "duty".

From what I've read here and think I understand, is that if you filed a Chapter 7 in a regular reporting year (i.e. January - December) and you receive a 1099-C from a Creditor in that same year of your discharge, but after you file, you should amend your return to include it?

And, if you're an end of year filer, but don't get your discharge until somewhere before April 15, you don't include that in your current 1040, but the following year?

Also, does anyone of the veterans feel like sharing which Bank/CC's are notorious for sending out 1099-c's?

I read the IRS's instructions regarding reporting this, but I don't get it. Can anyone explain this in laymen's terms?

Thanks, all!

[tyson24]

Anything you receive in 2011 will be on your taxes in 2012 I think. I see your discharge date is in Feb so no one will be forgiving your debt until after your discharge. Besides, form 982 it because the debt is gone and you owe nothing.

Don't quote me on this though.

[BrokeinMD]

Thanks, Tyson. I'm just trying to surf through untread waters! I'm jealous of your quick discharge date!

[ceh789]

Appending my question here since it's very similar.

My Ch 7 discharge was May 2010. Since receiving 1099c's is an unknown - how long do I have to wait to see if I get any before I can file my return? Or, can I just file when I'm ready and do an amended return with the 1099c (s) and a 982 if I get some? If the amended option is possible - does anyone know if there is a cost to amend a return?