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I had a settlement agreement with a credit card company and…

Customer Question
I had a settlement...

I had a settlement agreement with a credit card company and the last payment was made on Nov 2, 2016. The agreement indicated that after the last payment the remaining balance would be forgiven. I expected to get a 1099-C for 2016 but did not. I have checked to make sure that the IRS didn't receive on and they didn't. Should I go ahead and claim the forgiven amount of my 2016 taxes (extension was filed)? If I do what happens if the 1099-C shows up for 2017?

Submitted: 6 months ago.Category: Tax
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Customer reply replied 6 months ago
I was told the question would be answered for $5 but was charged $38.......I want the money refuned.
Answered in 5 minutes by:
8/2/2017
Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 6 months ago
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,368
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello, My name is***** am a Certified Financial Planning ® Professional. I am also registered with the IRS and have obtained a valid Preparer Tax Identification Number

If the credit card debt is a non business debt, the canceled debt amount is reported as "other income" on line 21 of your 1040.

There are several circumstances where the debt is not taxable

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Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 6 months ago

I will forward your response to customer service for the refund.

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