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  1. #1
    Join Date
    Feb 2009
    Posts
    1

    Default Debt Cancellation for Credit Card

    I agreed to a debt cancellation of $6146 and paid the remaining amount due of $8980 in July 2007. I have copies of the paid transaction in July 2007. By Jan 31, 2008, I had not received any tax documents from the credit card company so I did not claim debt cancellation on my 2007 taxes. At the time, I was nieve of the tax drawbacks.

    In Feb 2008, I received an unusual looking "Tax Statement" with the amount of $6146 being reported to the IRS as debt cancelled in 2008. I set it aside to be filed away later.

    Today I was filing away my trayfull of documents, etc and found this document again and saw in small print that it was a 1099-C. I searched the IRS publications for information on 1099-C, but this computer generated print-out looks nothing like the examples.

    I have already filed my e-taxes and we are finally expecting a tax refund.

    What will happen now?

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