I negotiated with a credit card company to reduce the amount owed. I believe the difference between what the?
Credit Card
Nelly asked:
credit card said I owed and what the negotiated amount was is considered income. They haven’t sent me anything so I can do my taxes. What if they never send me anything?
Oscar
credit card said I owed and what the negotiated amount was is considered income. They haven’t sent me anything so I can do my taxes. What if they never send me anything?
Oscar
July 19th, 2009 at 2:16 am
Rose
By law they have to send you a 1099 statement. It is their responsibility to do so, and if they dont sit tight and do nothing and go ahead and file your taxes. The IRS cant hold you responsible for their mistake.
July 20th, 2009 at 5:48 am
Margaret
The deadline for them to send you a 1099 was Jan 31. If you file after that it’s not your fault, assuming the loss is considered income.
July 21st, 2009 at 12:23 pm
Duane
Personal experience. I had the same problem with a loan company who my now ex had a loan with.I recieved notices in Nov. that we owed back taxes to the IRS. We have disputed the charges with the IRS and have been told to pay nothing while they investigate. The IRS runs a few years behind on these things. Your best be is to speak with a CPA who may be able to help you obtain the correct paperwork or help you figure out what portion you owe to the IRS. It will save you a headache later.