Taxable income
Date: Tue, 11/28/2006 - 20:39
Can a pdl send me a 1099 if they charge off my debt as uncollectable and make me pay taxes on it?
Thats a very interesting question and I am trying to figure out
Thats a very interesting question and I am trying to figure out if you mean can they tax you cause its like you received money from them? My personal opinion would be to say "no", because when something is taxed doesn't it have to originally be classified as a gift or earned income, etc.? Anybody else?
i know a friend of mine had his car taken back by the bank a few
i know a friend of mine had his car taken back by the bank a few years back and since he owed them $2000 and he couldn't pay it, the just said fine and then sent him a 1099 for the $2000 and he had to pay income tax on it.
That kind of makes sense. I wonder how often it is actually done
That kind of makes sense. I wonder how often it is actually done though?