Hello,
I had a car repossessed a little over 7 years ago. I only owed around $1100. I made some verbal arrangements with them about getting caught up, but my progress was lost when they did some restructuring. They eventually came and repossessed the car which lead to me losing a good job.
I knew it was getting close to 7 years and I did not make any correspondence with the bank in relation to the debt. Yesterday, I got a 1099-C form from the credit union stating the debt had been cancelled. It said I was required to report the amount of the debt as income on my taxes. Is this typical in this situation? Do I do as instructed and report the amount as income on my taxes this year?
Submitted January 27, 2017 at 08:50AM by dragonsign http://ift.tt/2jlTxNE
