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#599320 - 08/15/06 04:11 PM IRS Information Reporting
Lone_Star_State Offline
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Joined: Apr 2005
Posts: 1
If a borrower continues to pay on a charged off loan, does a FI have any responsibility to send a 1099-C (cancellation of debt) at any point in time?

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#599321 - 08/15/06 11:31 PM Re: IRS Information Reporting
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
Go here and read the right hand column on page AC-3 concerning the factors that have to be present to consider a debt cancelled.

http://www.irs.gov/pub/irs-pdf/i1099ac.pdf
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