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I settled on a boat in 2009. The bank did not send me a 1099

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form.Do I have to claim...
I settled on a boat in 2009. The bank did not send me a 1099 form.Do I have to claim the settle amouit on my tax return
Submitted: 7 years ago.Category: Tax
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3/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
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 jeff,

 

If you did not receive a 1099-C form from the bank, then you should not include this as taxable income on your return.

 

The lender only issues the 1099-C form in the year that he actually writes the debt off of his books. So even though you made this settlement in 2009, it is possible the bank will not actually make the write off until this year in 2010, and so you may still yet receive a 1099-C form from them next year. So do not report this until that form is actually received.

 

If this was helpful please press the Accept button.

 

Thank you jeff

 

 

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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