Q: If I get a 1099 c for a vacation club for which I never received any goods or services from do I actually have to pay
I never made any payments and tried to cancel 48 hours after signing. Have fought with them repeatedly
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A:
Receiving a 1099-C form generally indicates that a debt you owed was canceled or forgiven, and the IRS considers this canceled debt as taxable income. However, if you believe that the vacation club's claim is not valid, especially since you didn't receive any goods or services, it's important to address this issue.
First, you should contact the vacation club to dispute the debt. Explain that you attempted to cancel the contract and did not receive any services. Keep a record of all communications for future reference.
If the vacation club insists on the validity of the debt, your next step could be to seek advice from a tax professional. They can guide you on how to report this on your tax return and whether you might qualify for any exceptions or exclusions under the tax law.
In situations where a resolution with the vacation club isn't reached, you may need to consult with a legal professional. They can provide advice on your rights and options under the law, possibly including disputing the debt or challenging the 1099-C.
Remember, it's crucial to address this matter promptly, as ignoring it could lead to complications with your tax return and potential disputes with the IRS. Taking proactive steps can help you resolve this issue and protect your financial interests.
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