My bankruptcy was discharged in September 2010. I received A 1099C for a debt (car) that was included in bankruptcy. How do i handle this? My atty told me my bankruptcy would not affect my tax filing. Was he correct?
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There are many posts on this subject. There is no tax consequence for debt discharged in bk. See the form at:
Des. -
Same subject - different question
HI
I know that an employeer has to provide you your W2 by a specific date, which I believe is January 31 - is there a required cut off date for 1099's to be created/mailed?Filed Pro Se: 11.12.2010 ~ 341: 1.12.2011 ~ Discharged: 3.9.2011 ~ Officially an Asset Case: 3.30.2011 ~ Last Day to File Asset Claim: 6.28.2011 ~ Trustee Final Report: 8.1.2011 ~ Asset Distribution: 8.31.2011 ~ Case Close: 11.15.2011Comment
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Not sure about the cut off date for a 1099 but I didn't receive this one until 2-4-11.Comment
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The law allows until 2/28 this year to file a 1099Last edited by BKParalegal; 02-11-2011, 07:39 PM.Disclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help.Comment
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My tax preparer (an enrolled agent) says 2/28/11 is the date.Originally posted by DesdemonaB View PostCase Closed > 2/08/2010Comment
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Hi all,
The IRS guidelines for issuing a 1099-C are so murky and conflicted that Solomon himself wouldn't be able to figure it out.
Originally they were supposed to be issued for the quarter in which the lender took the cancelled debt off the books (off earnings) These were often timed for tax position and a slant on the earnings report.
Used to be only for original creditors, large financial companies. Now the IRS extended the rules to debt collectors. Now the whole thing is even more of a murky mess. There are 8 "trigger" events that should cause a 1099-C to be sent, but lots of companies are still issuing them in the quarter when the debt got taken off earnings.
The Feb 28 deadline is actually lender-to-IRS for paper, electronically the deadline is in April sometime (April 2?) I have no idea when the taxpayers is supposed to get their copy...
Moot point w/ us BK folks, tag it with form 982 and cancel the debt cancel...
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
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