Question about 1099
Date: Mon, 10/26/2009 - 21:10
I would like to settle with my cc company. I would like to make a settlement in four payments from Oct 2009-Jan 2010. Would the 1099 fall into the 2009 tax year or 2010? I'm not sure because the first 3 payments would be in 2009 and the last payment would be 2010. Thanks in advance!
If they are willing to settle and are in agreement with your pay
If they are willing to settle and are in agreement with your payment plan then 2010.
i would assume in 2010 or at least it should be. also when gett
i would assume in 2010 or at least it should be. also when getting your taxes filed be sure to question if you are eligible for the form that makes you exempt from paying the tax on that debt. i can never remember which form it is i will repost with the form # when i find it in a post.
Most people who are good candidates for debt settlement are NOT
Most people who are good candidates for debt settlement are NOT liable for taxes on the forgiven debt.If your debts exceed your assets you are considered " insolvent " and thus won't have to pay taxes on the forgiven debt. Your tax specialist would simply fill out a IRS form 982.
