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I am curious, if the oc sells your debt to a ca, and you settle with the ca how does that work with a 1099. Another question? Do they have to give you a 1099 form for the year you settled or can they send it to years later?

1 Thought on Debt settlement and 1099’s?
  1. Reply
    Celeste
    November 28, 2011 at 1:50 am

    If you settle a debt for $ 600 or more off the balance, the creditor or CA must send you and the IRS a copy of the 1099C. The 1099 must be sent in the year the event occured, as it must be counted towards your income for tax purposes.

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