Jump to content
ATX Community

here'a a new twist on 1099C


schirallicpa

Recommended Posts

Last year my client recieved a 1099C from Bank of America.  He had been paying a third party that did not forward the money to Bank of America - so we had some issues to deal with last year.

This year he receives a cash settlement from the 3rd party after Bank of America refused to accept the money. 

I don't think this is taxable income.  

Link to comment
Share on other sites

15 minutes ago, schirallicpa said:

Last year my client recieved a 1099C from Bank of America.  He had been paying a third party that did not forward the money to Bank of America . . . .  .

 How did he even receive a 1099 C? There must be more to this story?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...