Jan/10
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Form 982 & 1099-C credit card debt settlement?
3 Comments · Posted by sanbank in Other - Taxes
mirkatuveri asked:
Can I use form 982 to file insolvent on remainder of credit card debt that I settled eventhough I do not own real property or have a mortgage?
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Can I use form 982 to file insolvent on remainder of credit card debt that I settled eventhough I do not own real property or have a mortgage?
Create a video blog…instantly.
Credit Card Debt · Credit Card Debt Settlement · Form 1099
3 comments
<< Is it beneficial to go through a Debt Settlement company for high interest credit card debt?
Dances with Aardvarks · January 21, 2010 at 1:20 pm
credit card debt settlement
Yes. The type of debt doesn’t matter.
ernesthinton · January 24, 2010 at 12:24 pm
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That is fine, but if you get a 1099-C, you will have to report the charged off debts as income
v b · January 26, 2010 at 1:17 pm
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See IRS pub 4681. The 2008 version even includes sample worksheets for calculating insolvency.