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In Which Year Will I Have to Deal w/ The Taxes?

Submitted by on Fri, 01/21/2011 - 09:20
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Hello. I recently entered into a settlement with Bank of America. 4 payments are being made to settle the account. I made the first payment in December and the last three will be made in 2011.

Do i have to deal with the tax consequences in 2010 since i entered into the agreement at that time, or will it be in 2011 when final payments are made?

Please advise.

Thanks!!!