Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I never received a 1099-C but just received a letter from IRS about amending taxes and owe…

Customer Question
I never received a 1099-C...
I never received a 1099-C but just received a letter from IRS about amending taxes and owe 981.$ but what I have researched and found the company did a judgement renewal in 6/2013 not a cancellation of debt in 2/2013 as stated by the IRS letter. Also the original amount was $1300., the renewal was for 3087$ as stated by IRS
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 24 minutes by:
7/1/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,970
Experience: Taxes, Immigration, Labor Relations
Verified
Hi and welcome to our site!The issue is likely that form 1099C was issued and sent to the IRS...You might missed it or the sender might have your old address...I would suggest to order your tax account transcript and verify what exactly were reported.http://www.irs.gov/Individuals/Get-Transcript.See following IRS statement http://www.irs.gov/taxtopics/tc431.htmlIn general, if your debt is canceled, forgiven, or discharged you will receive a Form 1099-C (PDF), Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception. If you receive a Form 1099-C but the creditor is continuing to try to collect the debt, the creditor may not have canceled the debt. You should verify with the creditor your specific situation; you might not have cancellation of debt or taxable income. .So if that is your situation - and the debt is NOT canceled - you would need to reply to the IRS that you disagree with their assessments - and provide your reasoning.
Ask Your Own Tax Question
Customer reply replied 2 years ago

I did research the debt and it says renewal of judgement dated 6/2013 not a cancellation of debt dated 2/2013. The creditor was one that has purchased the debt from them.

Tax Professional: Lev, Tax Advisor replied 2 years ago
Thus - you woudl need to reply to the IRS assessment letter with explanation of facts.
Attach a document that states - that was a "renewal of judgement" - and not a "cancellation of debt"
You may also reference to the IRS topic 431
http://www.irs.gov/taxtopics/tc431.html
which states - if the creditor is continuing to try to collect the debt, the creditor may not have canceled the debt.
That should resolve the issue.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,970
32,970 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My taxable income is 49,000 $ yet the tax worksheet shows
My taxable income is 49,000 $ yet the tax worksheet shows 1800$ due and I cant figure how to get into Turbo Tax smart work sheet and enter 6000.00 $ which is the correct amt due on the Fed return … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Are SREC's (Solar Renewable Energy Credits) taxable income?
are SREC's (Solar Renewable Energy Credits) taxable income? What if you have not yet finished payments on your solar panels? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
968 satisfied customers
I received a cancellation of debt 1099C from 2 banks. I had
Hi, I received a cancellation of debt 1099C from 2 banks. I had credit cards at these banks that I used for business purposes, but they are linked to my personal SS#. These debts were included in a ba… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
VA form asks for adjusted gross income (disability form). We
VA form asks for adjusted gross income (disability form). We file joint; can we separate his income from mine for the form? How? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a question about the Form 1099-C. I received a 1099-C
I have a question about the Form 1099-C. I received a 1099-C form from my mortgage company, so I still need to file that even though my mortgage is in an active Chapter 13 bankruptcy? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I received a cancellation of debt that increased my income
I received a cancellation of debt that increased my income by 6800, not they are saying my credit for my health care was too large and I owe the 4080 credit back. Does this sound correct? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a question on cancellation of debt on a rental
hello - i have a question on cancellation of debt on a rental property. total owed $160,000, amount cancelled $30,000. market value of property $145,000. … read more
Lev
Lev
Tax Advisor
32,970 satisfied customers
I received several 1099s cancellation of debt forms and
I received several 1099s cancellation of debt forms and included them on my return. However, I received several more after I filed my taxes and want to know if I have to file an addendum OR if I can w… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
If you received a form 1099-c from a rental property where
If you received a form 1099-c from a rental property where is it reported on the 1040. Ex. Property held for over a year. Amount owed per 1099- C is 150,000 fmv 90,000 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,043 satisfied customers
I am assuming that cancellation of debt income changes my
I am assuming that cancellation of debt income changes my basis for the stock I sold in the MLP limited partnership stock.… read more
Carter McBride
Carter McBride
LLM
1,132 satisfied customers
I have a question regarding cancellation of debt in Missouri
I have a question regarding cancellation of debt in Missouri for a mobile home my husband owned in 1998. … read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Do I need to file 1099-C. I had cancellation of debt do I
I had cancellation of debt do I need to file 1099-c? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,043 satisfied customers
I was mailed an cancellation of debt form from a debtor that
I was mailed an cancellation of debt form from a debtor that repossesd a car I had 4 hears ago, and the cancellation of debt was for 17,000. I bought the car in 2011. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,366 satisfied customers
My S Corp cancelled the debt of a loan we had made to
My S Corp cancelled the debt of a loan we had made to another company to start up their business. Do I file form 1099-c. Where do I deduct the amount I cancelled on our 1120S… read more
abci168
abci168
Principal
27 satisfied customers
My wife and I just received a "CANCELLATION OF DEBT" notice
My wife and I just received a "CANCELLATION OF DEBT" notice from Regions bank. I took out a new mtg. on my home and paid off Regions bank. … read more
Lev
Lev
Tax Advisor
32,970 satisfied customers
I received a form 1099-C letter from the Department of
I received a form 1099-C letter from the Department of Education for a cancellation of debt that never occured. I have been ahead on all payments and have found no reason to renegotiate the loan with … read more
abci168
abci168
Principal
27 satisfied customers
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market value (FMV) of property shows zero. Why zero? The FMV is the most frequent figure on Form 1099-C. The amount in Box 2 is 111,xxx. Box 1 Date o… read more
Lev
Lev
Tax Advisor
32,970 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x