Submitted by Lowe66 on Tue, 03/02/2010 - 09:41
Posted in
As a result of my bankruptcy filing I had several thousand dollars in discharged debt mostly from a credit card bill I owed. Then I received a form from the card company saying that debt may be income (a form 1099-C). So is that income that I have to report and pay taxes on?
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Editor's Response
No. If you settle a debt out of bankruptcy by, for example, paying $5 on the $10 that you owed, that five dollar difference may be considered taxable income. However, it is not supposed to work that way with a debt that is discharged in bankruptcy. If you received a Form 1099-C, you need to talk to a bankruptcy attorney or a tax professional (accountant) about it. I would not ignore it but, rather, straighten the matter out as soon as possible to avoid future entanglements with the IRS. Good luck.