I apologize if this was sent multiple times; I wasn't receiving a confirmation or access code. Yesterday, I received a 1099-C for an OLD debt that the company is suggesting that they just charged off in 2014!! This account was for a motorcycle I had repossessed back in 2005/2006. I stopped making payments in 2005. It was taken; I never heard a peep after except for a correspondence saying that after it was sold at auction x amount was leftover. Here it is 8-9 years later, I get this random form saying in 2014 $3101.54 was cancelled and I already did my taxes and everything. I had ZERO correspondence since at least early 2006. What do I do? I'm so confused!! At first I thought this was a fraudulent form I didn't even remember the creditor's name (Household Finance Corp of Nevada) which hasn't run under that name since 2004 and it became HSBC. The debt isn't even on my credit report anymore. I already filed my tax return - I got this after Jan 31st!
Answer
My first thought is this question is better suited for a CPA or Tax Professional. You may be required to file an amended return for tax year 2014, and it may or may not have an impact on your tax liability. A CPA should be able to advise you more specifically.
No comments:
Post a Comment