nu-munee
Date: Mon, 03/28/2011 - 13:16
I had a $31,000 debt that I settled in full for $6000. Now I received a 1099c for $25,000.
I know this $25,000 is the unpaid portion of the total debt, but I also know that the penalties and interest that accrued for this debt to reach $31,000 were not calculated into this amount on the 1099c.
When I file taxes will I be able to subtract/calculate the interest and penalties accrued for this original $31,000 debt - so they will not be part of the total adjustment to my annual income?
I know this $25,000 is the unpaid portion of the total debt, but I also know that the penalties and interest that accrued for this debt to reach $31,000 were not calculated into this amount on the 1099c.
When I file taxes will I be able to subtract/calculate the interest and penalties accrued for this original $31,000 debt - so they will not be part of the total adjustment to my annual income?
Nope....the interest is not tax deductable for you. You must de
Nope....the interest is not tax deductable for you. You must declare the entire $25k
