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taxes on settled account
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Posted by Mike on February 03, 2002 at 17:00:41:
Hi,
I hired one of debt management company to settle my cc debts for me last year. They contacted with Chase and settled the account for me. Instead of paying over $4000 dollars, I only paid $1300 dollars.
Last week I received a letter from CHase and they said I had to pay taxes for unpaied account, which will be $2700 dollars. I called my debt management company and they told me that I don't need pay any tax. However, I don't think it is true. Please help me here. I really don't understand this.
Also, Besides of $1300 dollars I paid Chase, I also paid the debt management company for service fee and 20% settlement fees. If I really need pay taxes for unpaid amount, can I deduct those fees from my unpaid amount? Thank you for any help
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