"Douva" <douva[at]douvafilms.com> wrote:

- quote -

If the debt was discharged in 2001, ignore the 2005 1099-C.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I had a bankruptcy discharged in March of 2001. Today I
received a 1099-C "Cancellation of Debt" form from
CapitalOne, in the amount of the discharged debt I
previously owed them. The 1099-C shows the "Date Canceled"
as 12/31/05, four years and nine months after the bankruptcy
was actually discharged. I read online that since debts
discharged in a bankruptcy do not have to be included in a
person's tax returns as income, I need to file a form 982
with my tax return this year. Here are my two questions:

1. Is filing a form 982 the proper remedy to this situation?

2. It's my understanding that CapitalOne should have never
sent me this 1099-C in the first place, but that fact aside,
are they violating any IRS rules/requirements/regulations by
claiming the debt was canceled nearly five years after it
was and by sending me this form four years late? And if so,
do I have any recourse through the IRS? This form was sent
to an address where I haven't lived in over five years. If
I didn't still have family living there who recognized that
this particular document looked important enough to forward,
the IRS would have received a 1099 for me that I knew
nothing about.

Thank you for your help.

--Douva

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >