Can a credit card or loan company file a 1099 with IRS?

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Can a credit card or loan company file a 1099 with IRS?

2007-10-25 22:34:02 · 3 answers · asked by Veronica B 1 in Business & Finance ➔ Personal Finance

3 answers

Yes they can. See the second page of this tax form.

http://www.irs.gov/pub/irs-pdf/f1099c.pdf

2007-10-25 22:40:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋

If a debt over $600 is "forgiven" - it must be treated as income to the debtor. Thus the tax form is sent to you.

Bankrupt debts do not fall in to this category. Accounts that are settled for less than the full amount owed do.

2007-10-27 20:20:39 · answer #2 · answered by chey_one 3 · 0⤊ 0⤋

It is not that they "can". They "must" if they forgive debt over a certain amount.

2007-10-26 08:57:31 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋