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Category: Tax
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Experience:  CPA with tax experience.
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Is there any way to settle a credit card debt for less money

Resolved Question:

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
Expert:  JKCPA replied 7 years ago.



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,


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