2006-11-08 08:27:27 · 4 answers · asked by dlisa41 2 in Business & Finance ➔ Taxes ➔ United States
Unless they can provide you a copy of the 1099-c there is no debt owed. Call them and ask before you get to many penalties.
2006-11-08 08:32:16 · answer #1 · answered by riordanjsca 2 · 0⤊ 1⤋
Have you moved recently? A common way to not get important tax forms is to move and not tell everyone. Chances are you probably didn't contact Chase when you moved especially if you no longer were banking at Chase. Do you remember them canceling some debt? You probably wouldn't have forgotten if they did. If you do remember it, contact them or the IRS and have them give you the 1099C or at least, have them tell you how much it was for. Amend your tax return and add this amount to line 21 unless you can ignore the amount (see the link two answers before mine). If you honestly don't remember any debt you or your spouse had with Chase, they may have made a mistake. Contact them and try to have it rectified. If they did make a mistake, they will issue a corrected 1099C to the IRS.
2006-11-08 15:09:36 · answer #2 · answered by TaxMan 5 · 1⤊ 0⤋
Dee is mostly correct. It actually does not matter is the issued a 1099-C or not. It only matters if they canceled the debt. If they had not issued a 1099, the IRS wouldn't know that a debt had been canceled.
2006-11-08 10:00:06 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
If they issued it but you just never got it, that does not relieve you of the obligation. If the debt cancellation they speak of occurred, it is your responsibility irregardless.
This site lists some exceptions to taxability, hope it helps:
http://www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000108----000-.html
2006-11-08 09:05:47 · answer #4 · answered by Dee 4 · 2⤊ 0⤋