Re: Reporting credit card debt to IRS?
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Posted by anon
(151.204.150.229) on February 01, 2003 at 13:05:37:
In Reply to: Re: Reporting credit card debt to IRS? posted by patti on February 01, 2003 at 12:44:39:
thanks for respondinhg so quickly. The original card was with The Associates Bank-but they were bought out by Citibank a year or so ago-so, it is Citibank calling. They said that it was 97% sure that the entire debt would be reported to the IRS if it got charged off since the debt was so large. When I said to them that I never heard of that before, and I thought it just got sent to a collection agency-they again said that 97% of the time it would be sent to the IRS as earned income (along with being reported to a collection agency) which I would have to pay taxes on then. 2 different people from there told me the same thing. So-I made a payment. I can't afford to have it sent to the IRS and have it show up on my tax return-my spouse doesn't know about this debt-I am trying to get it paid off without them knowing and if it showed up at the IRS, I would have major, major problems with explaining it. So, you are saying this is all bullshit and they can't or won't do that?
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