Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#599320 - 08/15/06 04:11 PM IRS Information Reporting
Lone_Star_State Offline
New Poster
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?

Return to Top
#599321 - 08/15/06 11:31 PM Re: IRS Information Reporting
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
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
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Lestie G