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

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.