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How do you know if you owe taxes if you haven't received a 1099-c
Anonymous2 views5 answers
According to the IRS, on discharged credit card debt....." You must report the taxable amount of a taxable debt whether or not you receive a Form 1099-C. "......if you've never received a 1099-c, how would you know if the creditor has even filed a 1099-c with the IRS? My mother's credit card debt was discharged over 6 years ago....the SOL is 4 years. Could she still get a 1099-c or could the creditor have sent one to the IRS and never told her? How would she find out? She has not filed income taxes for over 10 years...her income is just Social Security and a small pension.
Best way to find out what's been filed with the IRS is to contact them directly and ask for a Wage & Income Transcript. It will include a record of all infomration filed from any sources. You can ask for the report for any year, including the one yo're concerned about.
Good luck.
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Curtis Lamar Harrington JrTax LawyerLong Beach, CA ·
on discharged credit card debt....." You must report the taxable amount of a taxable debt whether or not you receive a Form 1099-C. "...IF YOU WERE SOLVENT AT THE TIME THE DEBT WAS CANCELED.
Total assets test.
You can refute, based upon total assets test even if you WERE issued a 1099....
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Curt Harrington
Certified Tax Specialist -- State Bar of California Board of Legal Specialization
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Since she has no taxable income, whether a 1099C was filed or not doesn't really matter. If you learn there is any outstanding tax liability (which you would have heard about from the IRS by now), simply file IRS form 982 to show the debt was discharged in bankruptcy and the tax will go away.
Call the IRS and order a Wage and Income transcript for the year in question. This will show if a 1099-C was filed. If one was filed, you might be able to exclude some or all of the income with a Form 982 filed with your return. Most creditors don't discharge debt unless you are somewhat insolvent.
Christopher Larson
Insight Law
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