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