Is it possible to distribute a 1099c over several years? I mean when it convenient for me instead of Uncle Sa

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Is it possible to distribute a 1099c over several years? I mean when it convenient for me instead of Uncle Sa

I received a 1099c for this tax year and I am liable for 7Gs to the IRS. It is not a convenient year for me. Can I postpone this life event?

2007-02-06 05:07:49 · 2 answers · asked by Jeuteau 3 in Business & Finance ➔ Taxes ➔ United States

2 answers

No, you cannot. You received the benefit of the debt cancellation this year, so you are liable for taxes on it this year. Taxes are never for the convenience of the taxpayer. If that was the case, it would never be "convenient" to pay taxes and no one would ever pay.

2007-02-06 05:31:56 · answer #1 · answered by jseah114 6 · 3⤊ 0⤋

No, you can't postpone it and claim it when it's convenient for you. You have to claim it on your return for the year in which you got it.

2007-02-06 13:34:19 · answer #2 · answered by Judy 7 · 1⤊ 1⤋