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

for a car that was...
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?
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Answered in 2 minutes by:
2/1/2009
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello Confused,

Was both of your names on the loan?

On the Form 1099-C, whose SS number is XXXXX?
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Customer reply replied 8 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.
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.
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Customer reply replied 8 years ago

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

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?
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Customer reply replied 8 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
One more question. What was the total dollar amount reported on each form?
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Customer reply replied 8 years ago
Yes they both say $11877
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
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
Merlo and 87 other Tax Specialists are ready to help you
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Customer reply replied 8 years ago
That's what I was afraid of..Thanks you have been greatLaughing
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Merlo
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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