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Updated about 10 years ago on . Most recent reply

User Stats

81
Posts
4
Votes
Sante R.
  • Residential Landlord
  • Birmingham, AL
4
Votes |
81
Posts

Does anyone have any information on Landlords using 1099-C form?

Sante R.
  • Residential Landlord
  • Birmingham, AL
Posted

Since it's so hard to collect from tenants who owe, or in some cases not really worth trying to collect, I would like to know more on being able to use the 1099-C "cancellation of debt" form. All responses appreciated

Most Popular Reply

User Stats

65
Posts
28
Votes
WAYNE G.
  • COCKEYSVILLE, MD
28
Votes |
65
Posts
WAYNE G.
  • COCKEYSVILLE, MD
Replied

George: If you paid a contractor over 600 you need to issue a 1099-MISC. There is a Jan 31 deadline.  I use expresstaxfiling.com to generate the forms, as the IRS is very picky about scanning them.

1099C is for bad debts.  An unpaid judgement is a bad debt.  I do not see why a landlord would not be considered a creditor that is owed a sum, follows their procedure to stop efforts to collect the debt (>$600), and files a 1099C.

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