The supposed MISC - 1099 is for an a debt forgiveness for HUBCAP Bank / Best Buy that in 2012 were included in a BK . My BK was discharged in 05 / 2012 what can I do to get this take care of since the original debt was discharged
Attorney Weisen gave good advice.
Whatever notice you received from the IRS should have identifying information on it (a Notice Number, an address for a mailed response, a name and a phone number).
Make a call first. Even if you speak to someone and they say it is all good, follow up with a written letter including the Schedules F (listing the debt) and Notice of Discharge.
Your description is a little ambiguous. As I read it, the IRS is saying that they are adjusting your tax returns for the 2011 tax year because you did not include income on your 2011 return from a 1099-MISC that was filed with the IRS for your 2011 tax year. Also, as I read it you filed bankruptcy in 2012 and included this same debt on your schedule of creditors.
If that is the case, then the 1099-MISC is reporting valid income from discharge of indebtedness that you should have included on your 2011 return because that debt was discharged in 2011, which would have been prior to your bankruptcy filing in 2012.
Debt forgiveness is shown on a 1099-C and not a 1099-Misc. If you are 100% sure it is a 1099-Misc, you need to find out exactly what it is from. If it is a 1099-C, you can exclude the income to the extent of insolvency using a Form 982.
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Bankruptcy is a legal way for people or businesses who are no longer capable of paying back their bills to clear these debts and start over.
There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.
Written by attorney David Slepkow
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