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tmgrant


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Being sued by Attorney-Debt Collector. I have proof the debt has been paid. Sent DV to Attorney and in his first initial contact and his response to my DV I have found 8 violations of the FDCPA. I fired off another letter today to him trying to catch him in God knows how many more violations. It's going to be fun to face him in court. (The creditor is a Doctor's office and they tell me that I don't owe anything and have never.) They send their billing to a private billing company and they screwed it up over four years ago and three years ago they called and I faxed a copy of the check and it was never posted. Lawyers are stupid and have to be low-lifes to ever get involved with debt collecting.

Thanks for all of your appeals case history.

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I do have this in writing and the plantiff is the hospital (who owns the Doctor's office). This is fraud because the Hospital wrote this off as a loss and the IRS rules state they can't except not one penny because they have been given credit on their tax return. I smell a lawsuit coming.

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I do have this in writing and the plantiff is the hospital (who owns the Doctor's office). This is fraud because the Hospital wrote this off as a loss and the IRS rules state they can't except not one penny because they have been given credit on their tax return. I smell a lawsuit coming.

Wrong - happens all the time...just ask anyone sued by Asset, LVNV, Midland. They buy bad debt every day, and the original creditor got tax losses on them.

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I do have this in writing and the plantiff is the hospital (who owns the Doctor's office). This is fraud because the Hospital wrote this off as a loss and the IRS rules state they can't except not one penny because they have been given credit on their tax return. I smell a lawsuit coming.

irs.gov/publications/p535/ch10.html#en_US_2010_publink1000154]Publication 535 (2010), Business Expenses

180

Recovery of a Bad Debt

If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. The amount you include is limited to the amount you actually deducted. However, you can exclude the amount deducted that did not reduce your tax. Report the recovery as “Other income” on the appropriate business form or schedule.

See Recoveries in Publication 525 for more information.

According to the above link... bad debt deductions are just a way they can remove what they previously recorded as income. So if it was never included as income it is not even deductible.

Rights against a borrower. When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. The debt is then owed to you. If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless.

If you later sell the property, any gain on the sale is due to the appreciation of the property. It is not a recovery of a bad debt. For information on the sale of an asset, see Publication 544.

Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it.

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