Question about 1099 on settled credit card debt
Date: Wed, 06/30/2010 - 14:58
Hi, last year we negotiated settlements with two credit card companies and paid them off. However, we are receiving 1099's totalling about $23,000 that we must report as income. Is there any way to appeal or hold these off a year and pay interest? Is there any loophole worth hiring a tax lawyer for? Last year we got a $4500 refund, but this will just about wipe it out for 2009 tax year. Thank you!
This all assumes your assets are substantially greater than liab
This all assumes your assets are substantially greater than liabilities. If that is not the case, the irs excludes the 1099 from taxes.
Quote:Originally Posted by danthemanThis all assumes your assets
Quote:
Originally Posted by dantheman This all assumes your assets are substantially greater than liabilities. If that is not the case, the irs excludes the 1099 from taxes. |
Thank you. I will explore this further.
