Bill Trick
Can a bill collector forgive interest on a debt without my receiving a 1099 form for taxes in the future?
A few people online have stated that if a bill collector agrees to forgive the interest on a loan, and only requires that I pay monthly on the principal debt, I will eventually receive a 1099 form for the amount over $600. However, the collector says since I am paying off the original amount due(principal), minus the interest and late fees, I will not receive a 1099 form since they are willing to settle for payment on the principal. Is this possible for a collector to do? Or is this a trick, and I'll receive a 1099 form eventually? I will be making low monthly payments on the debt for the next few years and I'm currently on a fixed income without valuable assets.
When a debt collector forgives a debt, they will send you a 1099-C. Cancellation of debt. They typically send that when the debt is over $600, but I have seen it for less. This amount would be reported as income on line 21, miscellaneous income of the Form 1040.
How To Do the Torn Bill Trick
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This entry was posted on Wednesday, January 17th, 2007 at 9:06 pm and is filed under Fantasy, Mythical & Magic. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.