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Video instructions and help with filling out and completing How to fight a 1099 c
Hey what's up everybody Steven Williams with the credit fair comms and in today's video we're going to talk about 1099 C's / statements of the amount we're gonna talk about you need to watch out for predatory lenders specifically mortgage companies and opportunities that you might want to consider investing because it looks like the tide is about to turn to be able to do some heavy investments Oh at least over the next few years okay first let's start off with 1099-c overstatement I had a question on YouTube about it today and I had been seeing this with some other clients also and what it is is the 1099 C form is what that like say you had a creditor they decided to forgive the debt so what happens is they gonna send a form 1099 C to you and to the IRS and for the amount that they put on there the IRS is going to consider that income so if you charged a credit card $10,000 and you didn't pay it and they did a debt forgiveness they cannot sell it to a debt collector when they do this so if you receive one from a debt collector and you had a 1099 C they just broke the law by doing that but they would send you that 1099 see saying that you got $10,000 worth of income that you used on the credit card and they forgave the debt so what what we're seeing happen right now is that they're overstating the 1099 C's one a person left a chat for me on YouTube or message on YouTube and they said that they did not remember charging no more than I think it was $3,000 and they got it for $9,000 or they just didn't remember charging that amount or they know they didn't charge up that amount a lot of it was in fees they're not allowed to put the fees on there I don't care what they say they're only allowed to do the amount that you actually charge so what you're gonna have to do if you have that situation is you're gonna have to request all of your charges that charges them themselves from the original creditor and then you're gonna have to contact the IRS and tell them that you want that amended because you have proof of the charges that you had not the fees proof or the charge because you did not receive fees as income only things that you purchased with the card is considered income and so if you if you have a situation where the IRS contacted you about that amount you need to contact whoever the contact is with the IRS let them know that you're not just overlooking this but let them know that you need time to request documents from the original creditor showing that you did not charge that amount on that they're claiming on the 1099 see and.