![]() ![]() "If ever the term "blast from the past" were applicable to a section of tax law, the provisions for cancellation of debts would rank near the top," says Phil Sepp, Executive Vice President of the National Taxpayer's Union. The debt is uncollectible and unreportable so how can they forgive something they have no right to collect? -Nancy This date is way past my state's statute of limitations which until last year (4/11) was 3 years but was changed to 6 years. I'm glad I found this article! I received a 1099-C today for an old credit card debt which dates back to 2001. I have read a lot of conflicting advice about whether or not this is even a legitimate 1099-C since they are a junk debt buyer. I do not recall getting any mail from this company and they are not on my credit reports. I have received three 1099-Cs from a debt collector (Asset Acceptance). Is there a time frame within which the banking institution has to "forgive" a debt, and a time limitation on when they may file a 1099-C with IRS? -John The statute of limitations on credit card debt in Florida is 4 years. I do not remember the debt, but I have had no dealings with them for more than six years. I just received a 1099-C from Bank of America. Here are a just a few comments and questions we've received in response to stories on this topic at : See your detailed credit evaluation, expert advice on managing your credit, and unlimited free updates every 30 days.Get Started Here ยป Check your credit bureau profile for free with this great tool. ![]()
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