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Debt Destroy

How does this work ?


awsheet Rep Points: 780
moderator
Posted on May 7, 2008 at 5:40 am
Can anyone help me make sense out of why you would pay taxes on debt relieved in settlement when you were never allowed to write off debt interest on anything other than your home ?  This seems kind of stupid. For that matter, why can't credit debt interest be written off ? That is alot of money being pumped out to the economy...........if you pay it that is.

sandalwood Rep Points: 2,085
moderator
Posted on May 7, 2008 at 8:03 am
It is called the tax laws. Write your congress critter and demand a change.

awsheet Rep Points: 780
moderator
Posted on May 7, 2008 at 10:17 am
Not a logical law.........welcome back, hadn't seen any posts from you last couple of days.

sunflower seeds Rep Points:
Posted on February 8, 2010 at 4:45 am
How does  tax (the IRS) work with debt settlement you mean? And why?

what's next? Rep Points:
Posted on February 8, 2010 at 4:49 am
Or what are the tax implications of a debt settlement (mortgage)? Here: http://www.irs.gov/individuals/article/0,,id=179414,00.html

customer no. 5 Rep Points:
Posted on February 11, 2010 at 5:39 am
Debt settlement - how does this work?Credit counseling - how does this work?Bankruptcy - how does this work?Debt consolidation loans - how does this work?Balance transfer - how does this work?