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Report: #1201395

Complaint Review: Capital One Bank - Salt Lake City Utah

  • Submitted:
  • Updated:
  • Reported By: Kar Ben — Arcade New York
  • Author Confirmed What's this?
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  • Capital One Bank PO Box 30249 Salt Lake City, Utah USA

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I received a bill from the IRS for a 1099-C that was issued by Capital One Bank. The debt was charged off in 2005, but the 1099-C issued was dated 2013.

The charge off is no longer on my credit report but I made a copy while it was still being reported so I have proof of the date of the actual charge off. Capital One reaged the debt.

Capital One Bank took their tax break in 2005 and now re-issued a 1099 for the same account which will result in another tax break. Not sure how to handle the IRS notification that they claim I owe.

I know 1099 forms must be issued the same year debt was forgiven.

This report was posted on Ripoff Report on 01/13/2015 12:41 PM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-one-bank/salt-lake-city-utah-84130/capital-one-bank-1099-c-must-be-issued-the-same-year-debt-was-forgiven-salt-lake-city-uta-1201395. 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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REBUTTALS & REPLIES:
4Author
3Consumer
0Employee/Owner

#7 Author of original report

1099-C issued on disputed debt

AUTHOR: Kar Ben - ()

POSTED: Friday, January 23, 2015

Cap One, who assigned debt to junk debt buyer in 2003, issued a 1099-C on debt that was disputed. Can they just issue 1099-C's and charge as income when debt was never verified?

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#6 Author of original report

Collection Agency

AUTHOR: Kar Ben - ()

POSTED: Thursday, January 15, 2015

Received a collection letter from junk debt buyer regarding this debt in 2003. I requested debt validation, but never heard back from them. Cap One is now issuing a 1099-C as the original creditor?

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#5 General Comment

You're still missing the boat...

AUTHOR: Striderq - ()

POSTED: Wednesday, January 14, 2015

The way I explained the chargeoff vs debt forgiveness in my last post is exactly how the programs work. If you have proof to the opposite, please post it.

And you're wrong in your assumption. I don't work for and have never worked for Capitol One. Just thought I'd try to explain what happened but you seem to have taken offense at that. Oh well, that (like the tax liability) is on you not me.

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#4 Author of original report

Cap One Trolls

AUTHOR: Kar Ben - ()

POSTED: Wednesday, January 14, 2015

Wrong. Don't like dealing with bottom feeders. Cap One "employees" should really learn how to spell.

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#3 General Comment

Comments...

AUTHOR: Striderq - ()

POSTED: Tuesday, January 13, 2015

The debt forgiveness would actually show as account paid. The way it works is you pay a percentage and then the currect owner of the debt "forgives" the remainder. They report it as account paid or account satisfied. However, for a debt forgiveness to be reportable it has to be at least $600. For it to cause as big an impact on you as you claim, the amount forgiven had to be rather large.

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#2 Author of original report

Cap One

AUTHOR: Kar Ben - ()

POSTED: Tuesday, January 13, 2015

Oh for crying out loud, has anyone ever seen "debt forgiven" on their credit report?? Since when do sleazy banks and collection agencies forgive debt? They charge off debt then get a tax break for that year.

To clarify, I just received a notification from the IRS about a 2013 1099-C from Cap One. I never received a 1099 from them which was suppose to have been filed with last years taxes. The IRS wants a lump sum paid by the first week of February.

I have never received a form from the IRS that wasn't for the current tax year which is why these crooks reage and collect more tax breaks.

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#1 General Comment

Comment...

AUTHOR: Striderq - ()

POSTED: Tuesday, January 13, 2015

A charge off is not the same as debt forgiveness. A charge off takes it off of their books but you still owe the money. Debt forgiveness means you no longer owe the debt. So it could easily happen, legally, that it was charged off in 2005 but forgiven in 2013.

But why wait a year to complain about this???

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