Should I be expecting a 1099C from all of the creditors listed on my BK? HR Block said that I should but I never heard anyone hear mention that before. Can someone please advise what I need to do for my 2013 tax return paperwork? I was discharged but not yet closed, doing a buyback.
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We can't tell you when or if you would receive a 1099-C (Forgiveness of Debt). I did not receive any except for one mortgage lender. You will typically not receive them for unsecured credit cards. It's sort of moot anyhow since they are discharged in bankruptcy.
I would not expect to receive any 1099-Cs. As I have stated, I only received 1 and my discharge was in 2010.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
I also did not receive any 1099's. I was discharged 11/2012.
I think Block is wrong. From what I've read, some folks have rec'd them post-BK, but there is a simple IRS form (I think its form 982) to fill out if one is rec'd. If you do get one after you've filed your taxes, you would probably have to amend the return to include the 1099-C and form 982.Comment
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Thank you!
I did get from BOA my mortgage taxes for the year but that's is all I've gotten so far. So it would be safe then, for now to begin my tax return and then amend if needed?Comment
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If you are paying someone to do your taxes, you might want to wait so you don't have to pay someone to file an amendment also, if necessary.
Deadline for companies to MAIL 1099's is Jan. 31st.Comment
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Originally posted by Pjmax View Post
Sorry, I think I am wrong about that date. Jan. 31 is deadline for W-2's, and some 1099's, but it seems 1099-C's may not have a deadline, and there doesn't seem to be a date on the IRS site. Some folks have reported receiving them 3 and 4 years after the fact.Comment
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FYI, the IRS is not accepting tax returns until January 31st due to the government shutdown in October.~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman.Comment
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We included a truckload of creditors in our BK last year and didn't get a single 1099 for them.
Of course, the bottom line is that you won't have to pay taxes on debts discharged in bankruptcy.Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!Comment
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