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I received a 1099C back in January for my house on a silent second that we owed. They are now saying that it was an error and they are reversing it. Can they do this by law? I have filed the 1099C as income already. 
A 1099 is an informational return filed with the IRS. It appears the company may have filed a corrected 1099-C. As you can see, a corrected filing is allowed on the form. https://www.irs.gov/pub/irs-pdf/f1099c.pdf. I would suggest contacting your CPA to discuss how to handle the correction and if an amendment to your return is appropriate.
The foregoing information is general information only and should not be relied upon to take, or fail to take, legal action. No attorney-client relationship is formed by this information. __The only manner to obtain complete and adequate legal advice is to consult with an attorney.__
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