debt setlement
Date: Sun, 12/12/2010 - 07:56
After a debt setlement,I have to paid taxes and what percentage
The percentage will depend on what tax bracket you are in.
The percentage will depend on what tax bracket you are in.
Greetings to all 1099'ers, That's the next phase......taxes on
Greetings to all 1099'ers,
That's the next phase......taxes on the forgiven debt.
Several of use face that issue next April 15th.
I'll start a thread as soon as the 1099's start arriving..
Then on April 16th-2011, I should be truely free!
Regards,
King "Kash" Jabba Labba
If you can prove your were "involvent" at the time of the settle
If you can prove your were "involvent" at the time of the settlements, you shouldn't owe any taxes. Keep all your records from the settlement plus what you owed to other creditors, mortgage company, car creditor etc. to determine your solvency.
