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    chapter 7 discharge

    client filed chapter 7 bankruptcy in 2008, and it was discharged, can they still get a 1099C??
    thank you

    #2
    Chapter 7 and 1099c s

    Yes, Taxpayers that have been discharged in bankruptcy can still receive 1099c or 1099a s. You need to know what all was discharged, and if it is within the court docs a statement should be sent with the return.

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      #3
      client's credit cards were discharged, Is there any way that we can find out if the client will be getting a 1099C. I am not too familiar with bankruptcies.

      Thank you

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        #4
        Not really

        Originally posted by POCAHONTAS View Post
        client's credit cards were discharged, Is there any way that we can find out if the client will be getting a 1099C. I am not too familiar with bankruptcies.

        Thank you
        Client should not get 1099C or A for any debts that were discharged in the BK. If there was forgiven debt that was not in the BK then he can expect a 1009C. Like Bert says, you need to see the court papers to know what debts were discharged and talk to the client to find out if there were other debts he had prior to the BK.
        "A man that holds a cat by the tail learns something he can learn no other way." - Mark Twain

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          #5
          thank you Bert and Taxmandan

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