The FACTA law permits individuals to "opt out" of unsolicited offers for new debt, sales and junkmail generally, much like the "do not call" list we should all be on. The link https://www.optoutprescreen.com allows you to opt out for five years from all solicitations including credit cards.
Monday, February 18, 2008
Saturday, February 16, 2008
1099 received regarding discharged debt
Some creditors have sent 1099 forms to to debtors purporting to have "forgiven" the debt that was actually discharged. The problem is the IRS also receives the form and expects it to be listed as "taxable income" on your 1040 tax return.
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