How long has this 1099-c debt elimination reporting been in effect?

I receive a letter from the IRS stating that I did not include $10,000 in my taxes from a 1099-c debt elimination from GMAC. I never owed them $10,000.

How long has this 1099-c debt elimination reporting been in effect?
What did you owe GMAC?





Clearly they think they loaned you money and you never paid the loan...because when they finally wrote the money off as non-collectible, they issued you a 1099-C. One copy went to the IRS and one copy got mailed to you at the last address they had for you.





From the government's point of view, not paying a loan back is economic income. You are required to include it income unless you are in bankruptcy or are insolvent by more than this amount.





The rules have been so static in this area, this year is the first time they've updated the publication since 1996.
Reply:You could try to google it ,here is some direct resource might be helpful.http://debt-consolidation.featured-resou...
Reply:Income from discharge of indebtedness has been a taxable item for decades.