Posted on
February 23, 2010
at
1:59 am
How much would I have to pay on income tax on debt forgiveness?
Posted on
February 23, 2010
at
3:50 am
How much would I have to pay on income tax on debt forgiveness?- hi, how muchof your debt was forgiven?
Posted on
February 23, 2010
at
5:24 am
Income tax on debt forgiveness - Your creditor, after the settlement would send you a 1099-C letter if it forgave a part or all of your debt and that debt’s balance was greater than $600.
Posted on
February 23, 2010
at
5:25 am
Question, how about exemptions? Or discounts? And how doI go about this?
Posted on
February 23, 2010
at
5:40 am
What if I somehow fail to report it?
Posted on
February 23, 2010
at
5:51 am
If you fail to file ur 1099-Cs with the federal income tax return -- you'd be at risk for IRS audits, penalties and fines.
Posted on
February 23, 2010
at
5:52 am
And if the consumer files bankruptcy? - Is bankruptcy (a forgiven debt as well - if youthink about it) taxable?
Posted on
February 23, 2010
at
5:55 am
Regarding exemptions, if you are considered insolvent (meaning that your liabilities or debts exceed your assets) you won't have to pay taxes on it but you would have to still report it on your tax returns. You need for it so don't forget to attach an IRS form 982 detailing your assets and income.
Posted on
February 23, 2010
at
5:57 am
And if the consumer files bankruptcy? - Is bankruptcy (a forgiven debt as well - if youthink about it) taxable?--
It's not.
