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Entries from December 1st, 2008

Old Debt Settlements Can Come Back to Haunt with Large Tax Bite

December 1st, 2008 · 2 Comments · Consumer Debt, Credit Counselor Front Lines, Debt Collection

Q. I settled a debt in 2007 for less than owed, paying $15,000 on a $22,000 debt. I just today received a $7000 1099c for tax year 2007 from the creditor in the mail. Does this actually mean that I have to amend my tax return for 2007?
A. A 1099c is a [...]

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