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 [...]
Entries from June 29th, 2009
Old Debt Settlements Can Come Back to Haunt with Large Tax Bite
December 1st, 2008 · 1 Comment · Consumer Debt, Credit Counselor Front Lines, Debt Collection
Tags: 1099c·Credit Card Companies·Debt Settlement·Forgiven Debt·Insolvency·IRS·Junk Debt Buyers·Taxes
