FREE: MyCallBot Caller ID for Android

Jake > New Comment


Enter the code shown below:
verification code
 

Original Comment

SEB - 02-29-2016

1. What is a 1099-C?

A 1099-C reports Cancellation of Debt Income (CODI). A lender is supposed to file a 1099-C form if it “cancels” $600 or more in debt. It files a copy with the IRS and is required to send a copy to the taxpayer as well. Four common reasons for filing a 1099-C are:

You negotiated a settlement to pay a debt for less than the amount you owed and the creditor forgave the rest;
You owned a home that went into foreclosure and there was a deficiency (a difference between the home’s value and what you owed on it) which was either forgiven or remains unpaid;
You sold a home in a “short sale” where the lender agreed to accept less than the full balance due; or
You did not pay anything on a debt for at least three years and there has been no significant collection activity for the past 12 months.

Caller type: Other
Caller: Jake
Company: IFD CAPITAL
Number: 844-715-5938