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Re: Is there any way I don't have to pay taxes for settlement account?


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Posted by Linda on February 04, 2002 at 11:07:14:

In Reply to: Is there any way I don't have to pay taxes for settlement account? posted by MIKE on February 04, 2002 at 10:33:20:

Your question has already been answered here. You only have to file and pay this "forgiven" debt if you get a 1099 from Chase. A letter is not a 1099. You will probably get it next year - Chase is giving you fair warning that they inted to send you the 1099.

No, you can't deduct the fees. You paid for a service, it is not like deducting the fees for preparation of taxes.

Suggestion, you have a whole year to get ready for this. put the same amount of money in a qualified plan, and it will offset the amount of taxes you will have to pay next year/.

Linda


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