Re: Paying taxes on written off amounts
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Posted by LadynRed
(199.91.33.254) on October 07, 2002 at 15:28:37:
In Reply to: Paying taxes on written off amounts posted by Saint22 on October 07, 2002 at 15:17:21:
The 'cancelled debt' amount reported on the 1099C is simply considered as INCOME and taxed using whatever rate is appropriate for your tax bracket. If you don't pay your taxes, you can be 100 SURE that the IRS WILL pursue you with a LOT more vengence, and you won't be able to get away from THEM ! Pay your taxes.. tax evasion is a federal crime and comes with jail time if they push for it !
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