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Hello,
A bank had tried to sue us (me and my wife) for a debt that was not ours. However, we in return sued them and won. Last week we received 1099C separately as a discharge of the debt. What can we do? What are the potential options? Can we report this to the IRS?
1099c
Hi,
You can take the advice of a lawyer to deal with this. Moreover you can try contacting the IRS. Write about the whole situation to the IRS, and attach a copy of your judgment against them.
Hope this helps.
Regards,
Aaron
Yes, you may report this to IRS. Take help of your attorney. They have discharged you from debt cause i think they have assigned debt collection agency to collect debt amount from you.
Thanks.
IF you got this last week it was illegally late and besides
I would report this to the IRS with form 3949a. I have used it against BofA before. Send AA a copy of it. this will be more scary than a its.
3949-A
How Do You Report Suspected Tax Fraud Activity?
If you suspect or know of an individual or company that is not complying with the tax laws, you may report this activity by completing Form 3949-A. You may fill out Form 3949-A online, print it and mail it to:
Internal Revenue Service
Fresno, CA 93888
See if you can make a similar report to your own state tax office
Include a copy of the dismissal
1099c
Hello Castor,
1099C is served to a debtor by a lender or creditor when he decides to forgive the whole of the debt or a part of it. This is then reported as an income which is then taxable under the Internal Revenue Service (IRS). However, in your case, the creditor has lost the suit, and they are not supposed to send you a 1099C. You can report this to the IRS using the 3949-A Form. Attach the copy of the judgment along with this letter to the IRS.
Thanks,
Aaron