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Re: If I settle a debt, do I pay taxes on "gains", and to whom?
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Posted by Linda on December 18, 2001 at 08:29:49:
In Reply to: If I settle a debt, do I pay taxes on "gains", and to whom? posted by Rob on December 17, 2001 at 22:48:00:
If FUSA sends you a 1099, then you will have to file and pay taxes on the written off amount - forgiven debt is considered income to you for tax purposes. Otherwise, all the rest of the rep's comments about the government are BS. The government has nothing to do with it. As far as being better than bankruptcy for your situation, I don't know. What kind of consulting are you doing, that your credit history is considered? If it's financial consulting, settling is going to be just as bad, and will probably be with you for a long, long time. Linda
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