1099-C Debt settlement Tax
Date: Mon, 04/11/2011 - 13:28
Can someone tell me if I have to pay taxes on the balance that was forgivin in the settlement?
I've been sent a 1099-c for my business credit card I had with BOA. The account was settled 7/9/2010......I have no assets or anything,only a checking account with $18.00 in it.
Thanks for any advice
I've been sent a 1099-c for my business credit card I had with BOA. The account was settled 7/9/2010......I have no assets or anything,only a checking account with $18.00 in it.
Thanks for any advice
As you're debts have been forgiven by the creditor, the forgiven
As you're debts have been forgiven by the creditor, the forgiven debt amount will be considered as your income and you'll have to pay taxes to the IRS for it.
