Americredit financial services inc Filed a 1099-C with IRS, now I'm trying to tell IRS I never worked for them, rip off Fort Worth Texas
This company filed a 1099-C in my name with the IRS, I have never worked for this company, I'm 2 pay checks from living in the street and now this. I'm trying to contact the IRS to let them know I never worked for them ever. I may have to pay the IRS money I don't have I'm showing them my bank acct statement saying I never worked there nor have all this money their saying I have.
1 Updates & Rebuttals
Robert
Irvine,California,
1099-C Information
#2Consumer Comment
Thu, January 08, 2015
There are many different types of 1099's issued. A 1099-C is a "Cancellation of Debt" and has nothing to do with work performed for a company.
So having Americredit issue you a 1099-C that means that at one time you had (most likely) a Vehicle loan through them and became delinquent. Most likely to the point where they Reposessed your vehicle. This DOES not end your obligation to pay back the loan. So if after they sold the car at auction you were still left with a balance, you are still responsible for the debt.
If you fail to pay it back one legal option they most likely have is to "Write Off" the debt. However, with every Write Off, there has to be a corrosponding gain. Where in effect you "gained" as unearned income the amount they wrote off. As such you are responsible for the taxes on it.
Now, if you are going to come here and say that you never had a car loan(or were a co-signer on a loan) that you were delinquent on and are 100% sure is not you. Then you have an Identity Theft issue going on and you need to attack this from that perspective.
Also, you can look at least to one bright side to this. If it is yours, the amount on the 1099 is the amount that is being reported, you only owe the taxes on that based on your tax bracket. So for example if it was $10,000 and you are in the 10% tax bracket you only owe $1000.