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 Instructions 1099c  Form 2014

2014-2025 Form

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Instructions and help about Instructions 1099c Form

hey guys welcome to our video this is john watts i'm a consumer protection lawyer we get a lot of questions about a 1099 c cancellation of debt so this is a tax form where a creditor will say hey we are reporting to the irs that we forgave you a certain amount of money and now you may have to pay taxes on that so there's lots of questions about when is a 1099-c supposed to happen how is it supposed to be filled out and then ultimately if i have a creditor issue at 1099 c do i still owe that money to the creditor and related to that can the creditor still credit report that i owe money to them so i owe five thousand dollars to discover bank discover bank sends a 1099. can discover banks still show my credit report has a current balance of five thousand dollars or does it have to show it as a zero balance because it's no longer owed and can discover collect on that debt can they send that five thousand dollar debt out to a debt collector to then collect against me

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