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1099-C

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  • yond42@aol.com
    I defaulted on a Chase credit card in 2003. They just sent me a 1099c showing forgiveness of debt for $6140.00. How can I not have to report this as income
    Message 1 of 5 , Feb 2, 2004
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      I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
      D.
    • Dave Miner
      yond -- The simple answer is, you can t. If you owe a debt and do not pay, it is considered income by the govt if the debt is forgiven. In law, the creditor
      Message 2 of 5 , Feb 3, 2004
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        yond --
         
        The simple answer is, you can't.  If you owe a debt and do not pay, it is considered income by the govt if the debt is forgiven.  In law, the creditor "gave" you $6,140 free and clear.
         
        The more complex answer is to not file a Form 1040.  See my website for more on this.
         
        Yours in freedom,
         
         
        ----- Original Message -----
        Sent: Monday, February 02, 2004 9:46 PM
        Subject: [tips_and_tricks] 1099-C

        I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
        D.

      • David Smith
        Simple. Don t file income tax returns or any other IRS prmise to give them money contract paperwork. If you give them your signature on their paperwork, they
        Message 3 of 5 , Feb 3, 2004
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          Simple. Don't file income tax returns or any other
          IRS "prmise to give them money" contract paperwork.
          If you give them your signature on their paperwork,
          they own your ass.

          DJS


          --- yond42@... wrote:
          > I defaulted on a Chase credit card in 2003. They
          > just sent me a 1099c
          > showing forgiveness of debt for $6140.00. How can
          > I not have to report this as
          > income on my income tax return
          > D.
          >


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        • gary
          Very interesting, if they have sent you a 1099c, then they must not be trying to collect this account anymore and are not sending any bills or collection calls
          Message 4 of 5 , Feb 3, 2004
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            Very interesting, if they have sent you a 1099c, then they must not be trying to collect this account anymore and are not sending any bills or collection calls or letters, are they? 
             
             
            -----Original Message-----
            From: yond42@... [mailto:yond42@...]
            Sent: Monday, February 02, 2004 9:46 PM
            To: tips_and_tricks@yahoogroups.com
            Subject: [tips_and_tricks] 1099-C

            I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
            D.


          • Nilbux@aol.com
            In a message dated 2/3/2004 5:02:24 PM Central Standard Time, yond42@aol.com ... You ask the IRS to tell you what statute makes you subject to the tax. When
            Message 5 of 5 , Feb 3, 2004
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              In a message dated 2/3/2004 5:02:24 PM Central Standard Time, yond42@... writes:

              I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
              D

                
               
                 You ask the IRS to tell you what statute makes you subject to the tax.

                  When they don't answer, the presumption is made that there is no such
                  statute.

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