Brian Boyd
๐ค SpeakerAppearances Over Time
Podcast Appearances
I'm like, well, just send them a 1099-C and forget about it.
It's like, well, what would that do?
I'm like, well, it's discharge of debt.
So you get a deduction for the bad debt write-off.
And they now have income that is going to trigger the IRS to look at them because you're going to send in this form and the IRS is going to know you discharged them from that debt.
So that becomes income to them.
And she's like, well, say that again.
And so I think I was eating a chicken sandwich or something.
Yeah.
I was just sitting there eating lunch right before class.
And I,
So what I said was, hey, if somebody owes you money, just send them a 1099-C and forget about it.
I've had a lot of people in the comments like, well, how am I going to get my money?
I'm like, you're not.
You're discharging it.
You're getting the deduction for it.
Now, there are a lot of rules around it.
Like you have to have a bona fide debt.
Somebody has to owe you money.
It's not like my baby daddy didn't pay child support this month.