IRS Information Reporting

Posted By: Lone_Star_State

IRS Information Reporting - 08/15/06 04:11 PM

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?
Posted By: rlcarey

Re: IRS Information Reporting - 08/15/06 11:31 PM

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