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Ripoff Report | Americredit Review - Ft Worth, Texas
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Report: #1199184

Complaint Review: Americredit - Ft Worth Texas

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  • Reported By: omgosh1962 — Santa Barbara California
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  • Americredit Ft Worth, Texas USA

Americredit Americredit Reports Resale of My Repossessed Vehicle as Income to the IRS - Erroneous Ft Worth Texas

*Consumer Comment: That is not what it implies...

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Like many others in this venue, I received an IRS letter with a bill in excess of $4600 allegeding I had a 1099C form filed from Americredit. This would imply I received income from a vehicle sale when it was Americredit who repossessed and resold my car. I was never noticed of this  intent  nor the sale. Furthermore, he car was repoed over five years ago! The negative credit also remains on my credit report as unresolved. This is such a scam with very serious implications through the IRS of all venues.

This report was posted on Ripoff Report on 01/03/2015 02:38 PM and is a permanent record located here: https://www.ripoffreport.com/reports/americredit/ft-worth-texas/americredit-americredit-reports-resale-of-my-repossessed-vehicle-as-income-to-the-irs-e-1199184. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

That is not what it implies...

AUTHOR: Robert - ()

POSTED: Saturday, January 03, 2015

When you had the Reposession, they did sell the vehicle.  However, most likely the amount they sold it for did not take care of your entire loan balance.  This would leave you with a deficency balance, which you still LEGALLY owe.

Failing to pay the balance could cause them to take a loss and write it off.  However, every "loss" has to have an offsetting "gain", that gain is what you are responsible for and is in the form of the 1099C and for the amount that they wrote off. 

Now, this is where it gets tricky as they have specific requirements to write if off, such as when they have to do it.  They also may or may not be able to come after you for the balance after this.  This then goes into what you owe the IRS as if Americredit didn't do it right you may not owe the IRS anything.

However, since every case is different you need to immediatly contact a tax attorney/accountant as they can tell you where exactly you stand.  Just be aware that where you stand may be instead of owing the debt to Americredit you owe it to the IRS.

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