- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Need help resolving fiance's credit card debt issue(seeking collection)
Posted on 6/12/13 at 3:04 pm to ThaBigFella
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
1
Posted on 6/12/13 at 3:09 pm to VABuckeye
so adding another $15000 to her income taxed @ her tax rate or paying $2300 today to settle this is the issue at hand?
I don't get it....Im not a tax man, I have a CPA who does all my taxes. So regardless of the SOL she's gonna get hit with $15k in income? That sounds ridiculous
Thanks for the offer OG I appreciate it. I don't really have any attorney friends to ask..
I don't get it....Im not a tax man, I have a CPA who does all my taxes. So regardless of the SOL she's gonna get hit with $15k in income? That sounds ridiculous
Thanks for the offer OG I appreciate it. I don't really have any attorney friends to ask..
This post was edited on 6/12/13 at 3:10 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News