Any tax pros here? Have ???s about 1099c and 1098?
Not sure how to or even if I have to “file” or claim these on the return. (I’m filing electronically and in Pa if that helps?)
First, we have a 1098 – Mortgage Interest Statement….I was able to post this on the return ok, then it asks for total prop tax pymts-which we have paid, but should we have gotten a “1099″ type tax document stating the amt pd if we were to need this? Or do we just add it up from our receipts?
Secondly, we also received a 1099-C-Cancellation of Bad Debt. I can’t seem to find any “for sure” direction on how to claim this or if I really even HAVE to. The only info I find states that “1099-Cs” should be claimed as “extra income” but that doesn’t make any sense as the stipulations accompanying that info doens’t coincide with the statement that we recvd…the only similar ref I can find is for “Bad Debt Forgiveness”, which is NOT what we got ….
AAAGGGHHH
I know it sounds confusing and I apologize…
Can somebody PLEEEZ help me out???
The 1099C represents a cancellation of Debt, whether it was a credit card, card loan, mortgage loan, the company that forgave the debt is required to report this to the IRS, it can be taxable income to you depending on various circumstances.
To find out if this needs to be reported call the IRS @ 1-800-829-1040 Mon-Fri 7am to 10pm. They will be able to assist you with determining the taxability of the amount on the 1099C
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