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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I received a notice from the IRS that I owed money due to a

Customer Question

I received a notice from the IRS that I owed money due to a 1099-C being filed in 2013 from a debt that has to be over 10 years old! Is there a time limit on something like that? I'm not sure that it is even my debt.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Yes - there are some limitations.

First of all - that must be YOUR debt for which you personally responsible. If you are not responsible for that debt - you may not be responsible for cancellation of such debt.

If you were responsible - the debt is considered as cancelled when the debtor may not sue you for that debt. That is usually occurs in three years after last payment - for that year - form 1099C should be issued.

To verify if the form 1099C was issued correctly - we woudl need more information about that debt and why do you think that was not your debt.

Expert:  Lev replied 1 year ago.

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