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.
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Bill HenryFounding Partner 18 years of experience
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.
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