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Is there any way to settle a credit card debt for less money

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and have an agreement with...
Is there any way to settle a credit card debt for less money and have an agreement with them that they will not send you 1099 next year?
Submitted: 7 years ago.Category: Tax
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Answered in 24 minutes by:
3/1/2010
Tax Professional: JKCPA, CPA replied 7 years ago
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
Verified

Hello,

 

Thanks for your question.

 

Unfortunately, the law requires a credit card company to issue a Form 1099-C if the debt is reduced by $600 or more. So you could not make them agree to do something against the law. The only exception would be if the debt was discharged in bankruptcy proceedings.

 

Hope this helps,

Best regards,

 

JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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