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Question from Ray



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9 Fillable 9 form 9 | Andaluzseattle Template Example | 1099 form instructions

October 26, 2011 at 11:42am

Richard,

if i accept an accounts receivable that is uncollectable, can i affair a 1099. if so whick 1099. c, misc, etc.



Answer:  Ray – Thank you for your question.

Form 1099 can be acclimated for abounding reasons.  For archetype a 1099-Int. is issued to address absorption becoming on an annual at a banking academy and a 1099-Misc. can be issued to address non-employee compensation, rents, royalties and added assets items.

Form 1099-C is acclimated to address abandoning of debt.  The afterward is taken from the Form 1099-C instructions:

File Form 1099-C, Abandoning of Debt, for anniversary debtor for whom you canceled a debt owed to you of $600 or added if:

File Form 1099-C if you are:

Understanding Your Tax Forms 9: 9-MISC, Miscellaneous ...

Understanding Your Tax Forms 9: 9-MISC, Miscellaneous … | 1099 form instructions

A banking academy declared in area 581 or 591(a) (such as a calm bank, assurance company, architecture and accommodation or accumulation and accommodation association).

A acclaim union.

Any of the following, its successor, or subunit of one of the following:

Federal Deposit Insurance Corporation,

Resolution Assurance Corporation,

National Acclaim Abutment Administration,

Any added federal controlling agency, including government corporations,

Any aggressive department,

9-MISC Instructions | IRS Form 9-MISC | 9-MISC ...

9-MISC Instructions | IRS Form 9-MISC | 9-MISC … | 1099 form instructions

U.S. Postal Service, or

Postal Rate Commission.

A association that is a accessory of a banking academy or acclaim union, but alone if, because of your affiliation, you are accountable to administration and assay by a federal or accompaniment authoritative agency.

A federal government bureau including:

A department,

An agency,

A cloister or cloister authoritative office, or

An action in the administrative or aldermanic annex of the government.

IRS Tax Form 9-MISC - Instructions for Small Businesses ...

IRS Tax Form 9-MISC – Instructions for Small Businesses … | 1099 form instructions

Any alignment whose cogent barter or business is the lending of money, such as a accounts aggregation or acclaim agenda aggregation (whether or not affiliated with a banking institution). The lending of money is a cogent barter or business if money is lent on a approved and continuing basis. Regulations area 1.6050P-2(b) lists three safe harbors beneath which advertisement may not be adapted for the accepted year. See Safe anchorage rules below.

Based on the advice in your catechism and the instructions to Form 1099-C, it does not arise that arising a 1099-C would be appropriate.

The Instructions for Form 1099-Misc. includes the following:

Canceled debt.   A canceled debt is not reportable on Form 1099-MISC. Canceled debts are adapted to be arise on Form 1099-C, Abandoning of Debt, by banking institutions, acclaim unions, Federal Government agencies, assertive agencies affiliated with the Federal Government, and an alignment area the lending of money (such as accounts and acclaim agenda companies) is a cogent barter or business. See the Instructions for Forms 1099-A and 1099-C.  

Issuing a 1099-Misc. does not arise to be adapted either.

You can acquisition the complete instructions for the assorted forms 1099 at the IRS web site, www.irs.gov.

Need tax help? Send in your tax questions to Richard Panick, IRS media relations specialist.

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