Skip to main content
index page

Tax effect

Submitted by on Tue, 04/05/2011 - 02:43
Posts: 202330
Credits:
[Donate]

Can there be any effect on tax if I fail to pay credit card debt?


Monaliza is correct if you settle and they issue a 1099-C, Cancellation of Debt, that is considered income and you will need to report it on your income tax return and pay taxes on it. Before you settle it may be helpful to grab a form 1040 and pencil in the numbers to see where you might stand. Or call a tax professional.


Submitted by J L B on Thu, 04/07/2011 - 07:29

J L B

( Posts: 329 | Credits: )