1099C는 항상 TAX 내야 하나요? - ASK미국

T**612**** 님 답변 답변일 3/6/2012 12:20:58 AM

“2011년에 WELLSFARGO에서 $26,500의 CREDIT CARD 빚을 탕감 받았습니다.TAXABLE INCOME으로 보고해야 하나요?”----> A 1099-C is a cancellation of debt form. The technical answer to your question is yes; If you receive a 1099C, you must report it on your Form 1040 when you file your taxes. According to the federal instructions for Form 1099C, you must report amounts on the form as "other income" on line 21 of Form 1040. You must also list the type and amount of income on this line. When you enter your 1099C amount on Form 1040, it will become a part of your total income, your adjustable gross income and ultimately your taxable income.however, It depends.
“INSOLVENCY에 해당되면 세금 안내도 된다는 이야기를 들어서요...”---->I guess you are correct, sir; however, under certain circumstances you may be able to avoid paying by showing insolvency, like in the case of a foreclosure. If you are insolvent at the time a lender forgives your debt, you can eliminate some or all of your tax liability. A 1099-C applies when you borrowed money, since you were expected to pay it back then in that instance you are not required to pay back. When the situation arises and you are unable to pay the debt, the lender has to cancel the debt, however, at the time the debt is cancelled the amount you had borrowed becomes income since you are not going to pay it back. In that case, like almost all income it is subject to income taxes.

ASK미국 님 답변 [머니/재테크] 답변일 3/6/2012 9:45:48 AM

답부터 말씀드리자면 credit card 빚을 면제받은 금액도 세금보고에 포함시키셔야 합니다. 그렇지만, 본인의 financial situation에 따라 taxable income이 될 수도 있고 그렇지 않을수도 있습니다.

본인의 liabilities가 가지고 있는 asset의 Fair Market Value보다 많다면 위에 말씀하신 insolvency에 해당되며 세금을 내지 않아도 됩니다. 이럴 경우에도 Form 1099-c에 있는 금액을 taxable income으로 보고하신 후에 본인의 financial situation에 대한 설명을 첨부해서 insolvency에 해당된다는 것을 설명하고 Form 982를 작성해서 Form 1040에 attach해야 합니다.

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Q.1099C는 항상 TAX 내야 하나요?

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