Chase and the 1099-C

Chase and the 1099-CChase and the 1099-C
BorisDom asked 5 years ago

Hello.  I received a 1099 C from chase in 2013 from a cc charge off in 2010. I reported the canceled amount on the 1099 c to the IRS on my taxes that year. However, Chase continues to report a past due balance.  I talked to Chase and they told me that the debt was canceled but not forgiven and that changing it to a zero balance would be inaccurate reporting.  I reported  it to the irs and chase received a tax write off for the debt. How are they still allowed to keep it on the books as a balance past due?  Said its up to me if I want to pay it.  Wouldn’t the bank be double dipping by receiving a tax break and accepting payment?  How is this legal.  Thanks

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