Legal Question in Tax Law in California

tax 1099c cancellation of debt

can a bank submit a 1099c form 5 years after a car was repo'd? if yes then should the bank them erase the repo off of my credit report since im now being taxed the money

Asked on 7/13/09, 6:49 pm

1 Answer from Attorneys

Dan Lively The Lively Law Group, PC

Re: tax 1099c cancellation of debt

Being taxed on the money and reporting the information on your credit report are two different things. One does not affect the other. What year is the 1099 dated. I assume you never reported the income. You may fit within a couple of exception that would not require you to be taxed on the income. Your situation would have to be reviewed to determine this.

This does not constitute legal advice, and I am not your lawyer unless, and until, I am formally retained.

Circular 230 disclaimer - This information cannot be used to eliminate penalties by state or Federal tax agencies.

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Answered on 7/19/09, 2:17 am

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