Cajunbulldog
Date: Wed, 12/23/2009 - 09:41
You said, back in 2006
"In our recent economy crash,many creditors have been forced into taking settlements and extended payment plans. It would advisable to anyone to always call creditors asking about hardship plans before becoming late on their loans or cards.Remember creditors are easier to deal with than collectors and a 1099c for forgiven debt is not taxable if you qualify for being insolvent per Irs standards. "
Can you expound on this? have a tax code cite I can take alook at?
"In our recent economy crash,many creditors have been forced into taking settlements and extended payment plans. It would advisable to anyone to always call creditors asking about hardship plans before becoming late on their loans or cards.Remember creditors are easier to deal with than collectors and a 1099c for forgiven debt is not taxable if you qualify for being insolvent per Irs standards. "
Can you expound on this? have a tax code cite I can take alook at?
Go to irs.gov and search for insolvency standards in light of 10
Go to irs.gov and search for insolvency standards in light of 1099c. It is on there website and most people oweing more than they make would qualify.
Thnaks, Very Helpful can we remove this thread? could cause c
Thnaks, Very Helpful can we remove this thread? could cause confussin
whatever you think best. seems dedundent at this point. If we
whatever you think best. seems dedundent at this point. If we give it a bit f time it will just slip away and ne forgottten.