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Hi and welcome to Just Answer!The credit card company is required to issue 1099C form when the debt is cancelled or becomes not collectible.However - if the debt became not collectible in 2011 because the statute of limitation run out - the form 1099C should be issued for 2011.
If you received form 1099C for 2012 - in this case it is not correct. I suggest to contact the credit card company asking to correct the form.
So, you are telling me a 1099c could be issued for debt 10 to 20 years old?
The form 1099C should be issued in the year when the debt became not collectible due to the statute of limitation.The credit card company may not decide when to issue form 1099c - but it is required to issue the form in the year the debt became not collectible - regardless how old the debt is.If the debt became not collectible in 2011 - the form 1099C should be issued for 2011.
So - if your reporting on form 1099C is not correct - you need to contact the sender - the credit card company - asking for correction. If they refuse - you will contact the IRS and explain your situation.
Please let me know what are your expectations? What do you expect the credit company to report?