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here'a a new twist on 1099C


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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.  

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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?

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