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re: Need help resolving fiance's credit card debt issue(seeking collection)
Posted on 6/12/13 at 3:02 pm to JonTheTigerFan
Posted on 6/12/13 at 3:02 pm to JonTheTigerFan
ok just called them and he says statute of limitations is not applicable to this and the $15000 will be reported to the IRS as unearned income.....the guy was a real jackass
2
Posted on 6/12/13 at 3:04 pm to ThaBigFella
He's correct about being able to report it as unearned income. They can hit her with that one.
quote:
Months after successfully resolving credit card debts, consumers may receive 1099-C "cancellation of debt" tax notices in the mail. Why? The U.S. Internal Revenue Service considers forgiven or canceled debt as income. Creditors and debt collectors who agree to accept at least $600 less than the original balance are required by law to file 1099-C forms with the IRS and to send debtors notices as well. Taxpayers must report that portion of forgiven debt as "income" on their federal income tax returns.
Read more: LINK
Compare credit cards here - CreditCards.com
Posted on 6/12/13 at 3:08 pm to ThaBigFella
quote:
ok just called them and he says statute of limitations is not applicable to this and the $15000 will be reported to the IRS as unearned income.....the guy was a real jackass
go see an attorney. one phone call from an attorney and the whole thing will be taken care of. if you were in louisiana, i could take care of this for you in five minutes and i wouldn't charge you anything.
This post was edited on 6/12/13 at 3:09 pm
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