I got a 1099-C for a credit card debt that went through arbitration and their claim was dismissed with prejudice. I've spoken to the IRS twice and they advised me to demand they void it. The credit card issuer refuses to. The IRS then advised me to file without it, and then dispute. I am concerned what will happen down the line (tax levies, fines, etc). This is not income at all, it was a disputed expenditure that was ultimately deemed invalid and was a loss to me because of my costs of fighting the claim. Why would I now have to pay taxes on non-existent income (considering I've already paid taxes out of my actual earned income)?
Asked on 2/10/10, 2:01 pm
1 Answer from Attorneys
Locksley Wade
Law Office of Locksley O. Wade
Keep a copy of the arbitration decision as support for your no-income claim.
Answered on 2/16/10, 7:05 am
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