1099-c

by eileen
(lake mary,fl)

My Mother passed away in February of 2011 with debt of 32,000.00 She lived in Seminole County Florida and was a widower, she had a Homstead to protect her home that is not in her name any longer. She went through a short probate her assets were less than 75,000.00. She is out of Probate, my question is I filed her 2011 Taxes for the first two months. Afterwards I started to receive 1099_c from the Creditors who already new that there were no assest.

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Mar 08, 2012
1099-c
by: Debtcollectionanswers.com

If there was not enough money in your mother's estate to pay all of her debts, then the unpaid creditors wrote off the debts she owed to them and that is why they are sending you 1099-Cs. The forms reflect the amounts that were written off and they must be filed with the IRS because the IRS views those amounts as income.

I recommend that you schedule an appointment with a Tax CPA. The CPA can advise you about what to do about the forms.

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