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| Tax Issues Personal and business taxes. Federal, state and local income taxes, sales taxes, etc. |
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Mar 2nd, 2007, 06:33 PM
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#1 |
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Junior Member
Last Online:
Oct 14th, 2007 10:17 PM Join Date: Mar 2007
Posts: 3
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Negot Lower Settlement on Credit Card Debt
I negotiated a lower settlement on a credit card debt to get out of it. I was then told that when you do this you would receive some paperwork that had to be filed with your taxes. I just needed to get out of the debt, and so did not care at the time whether it would have any adverse affect when I filed taxes. Is this going to affect the amount of money that I will get back when I file my tax return because I negotiated a lower settlement amount?? Thx if anyone can help.
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Mar 3rd, 2007, 02:22 PM
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#2 |
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Top Level Member
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Nov 16th, 2008 04:36 PM Join Date: Feb 2007
Posts: 303
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Re: Negot Lower Settlement on Credit Card Debt
The debt forgiven will show as income and you have to pay taxes on it.
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Mar 3rd, 2007, 08:14 PM
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#3 |
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Junior Member
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Oct 14th, 2007 10:17 PM Join Date: Mar 2007
Posts: 3
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Re: Negot Lower Settlement on Credit Card Debt
Thanks for this information.
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