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Merlo
Merlo, Accountant
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received on Friday a 1099c form with my name and an ex boyfriend

Resolved Question:

received on Friday a 1099c form with my name and an ex boyfriend for a car that was discharge offed. Car was sold for less than what was owed. Does anyone know if both me and my ex are 1/2 responsible for the amount that is on it or will I end up having to add it as income due to the fact that I do not know where he is at?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello Confused,

Was both of your names on the loan?

On the Form 1099-C, whose SS number is XXXXX?
Customer: replied 5 years ago.
Unfortunately yesCry both names and I received 2 forms one with his SS # XXXXX the other one with mine. I gathered they sent his here since we don't know where he is at.
Expert:  Merlo replied 5 years ago.
Hello again confused,

You will have to report the amount as income on your tax return for the one 1099-C form that came in your name with your social security number. The other form with your boyfriend's name and social security # XXXXX be returned to the company with a note saying that he is moved and you have no forwarding address. You are not liable for reporting his share of this debt.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.
Customer: replied 5 years ago.

So should I only report 1/2 of what is on the 1099C form?

Expert:  Merlo replied 5 years ago.
Hello again confused,

Was the 1099C form that you received for the same amount as the one that was sent to your boyfriend?

Did the lender already split the amount or was the entire amount reported on both forms?
Customer: replied 5 years ago.
I had accidently opened up his 1099c before mine and they both have the same amountCry I forgot to tell you that they both have our names on them
Expert:  Merlo replied 5 years ago.
One more question. What was the total dollar amount reported on each form?
Customer: replied 5 years ago.
Yes they both say $11877
Expert:  Merlo replied 5 years ago.
Hello again Confused,

When there are multiple debtors, and when the debt is $10,000 or more, the lender is required to report the entire amount of the cancelled debt on each debtor's 1099-C form. Each debtor is considered to be liable for the full debt, when there is no clear and convincing evidence to the contrary.

Unfortunately you have no choice but to report the full amount as reported on your 1099-C form.

If this was helpful please press the Accept button.

Thanks again for using JA.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 2 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
That's what I was afraid of..Thanks you have been greatLaughing

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Merlo
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25+ years tax consulting. Specializing in returns for US citizens living abroad