Taxes & Debt Relief
Date: Tue, 10/26/2010 - 12:59
I want to know if Legal Networks submits a 1099 during tax time once a credit card debt has been
settled on. Or am I responsible for paying the IRS?
settled on. Or am I responsible for paying the IRS?
If more than $600 was forgiven, you should receive a 1099C. You
If more than $600 was forgiven, you should receive a 1099C. You will be required to claim the forgiven amount as income, unless you can prove insolvency.