- Report: #715364
Complaint Review: Ecast Settlement Corporation
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| Ecast Settlement Corporation 383 Madison Avenue
New York, New York United States of America |
|
Ecast Settlement Corporation Received a 1099C. Wow earned income, but didn't see!!!!! New York, New York
*Consumer Suggestion: The IRS told me to...
*Consumer Comment: Contact the IRS
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This report was posted on Ripoff Report on 04/08/2011 06:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ecast-Settlement-Corporation/New-York-New-York-10179/Ecast-Settlement-Corporation-Received-a-1099C-Wow-earned-income-but-didnt-see-Ne-715364. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Consumer Suggestion
The IRS told me to...
AUTHOR: DebbeB - (United States of America)
SUBMITTED: Thursday, January 31, 2013
POSTED: Thursday, January 31, 2013#2 Consumer Comment
Contact the IRS
AUTHOR: Robert - (USA)
SUBMITTED: Friday, April 08, 2011
POSTED: Friday, April 08, 2011When a junk debt buyer purchases the debt they may file a 1099C if they forgive the debt BUT the AMOUNT on the 1099C MUST BE THE AMOUNT THEY PAID TO PURCHASE THE DEBT (in other words: their ACTUAL LOSS), NOT THE AMOUNT OF THE DEBT THEY PURCHASED.
Simplified example: You owe Creditor A $10,000. Creditor A sells your debt to partially offset their losses (this is a common business practice.) JDB purchases your debt from Creditor A for $500. JDB can file a 1099C for the $500 they paid to purchase the debt. They CANNOT lawfully file a 1099C for $10,000. If the do, they are violating IRS regulations. There are exceptions, such as mortgages and such, and the IRS can explain to you what the exceptions are.
You can check with the IRS or an attorney.
Good luck.
