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taxes on debts
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Posted by tgrilot
on February 02, 2002 at 11:46:05:
If the Sol has passed on a credit card account, where do taxes come in? I've read that anything over $600 that the creditors have for-gave. written off and charged off is taxable. What if your creditors have given up on you? Will they be sending info to the IRS? Will they wait 7 years until it falls of your credit report then send the IRS the amount they lost including all of the interest? On my credit report 2 off my accounts say, charged off. If they were going to send info to the IRS would they have done it the year it was charged off? If you settle, I've read that the amount the forgave is taxable. What if you don't settle? Can someone please explain this?
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