Cod
Date: Mon, 01/25/2010 - 08:40
I settled on a internet payday loan with payday max in dec 2008. The loan was for 500.00 and we settled for 320.00.today
i received a 1099 form from Credit Protection Depot for 1475.00......do have to include this as income and where did the
1475.00 come from? How should I proceed?
i received a 1099 form from Credit Protection Depot for 1475.00......do have to include this as income and where did the
1475.00 come from? How should I proceed?
Have you asked them where it came from? Was it for past due int
Have you asked them where it came from? Was it for past due interest?
cod
Did find out that payday max is ilegal in the state of ohio
so do i still need to include this as income?
It is probably for legal fees that would have been imposed. I wo
It is probably for legal fees that would have been imposed. I would pay the tax on the 180.00 difference and contest the rest with the IRS as incorrect!
Check with a tax consultant as I am not an accountant, but the r
Check with a tax consultant as I am not an accountant, but the rule is... if you are insolvent, thus owing more than your assets at the time of the settlement, then you do not have to claim the 1099C.