Re: Reporting credit card debt to IRS?

Posted by anon (151.204.150.229) on February 01, 2003 at 13:40:31:

In Reply to: Re: Reporting credit card debt to IRS? posted by LadynRed on February 01, 2003 at 13:15:14:

OK-so-sending the account to a collection agency is not cancelling/forgiving the debt then? So-if they sent it to a collection agency (which I am sure they would do)-then they cannot send it to the IRS? Because if they sent it to a collection agency-then they would still be getting their money and they couldn't say it was earned income on my part -right? I am a little slow here -LOL. Is this correct? And, yeah-they did tell me that if I was late with the next payment-it would be sent directly to the IRS-I couldn't understand how it could be sent to the IRS as earned income on me if they were going to send it to a collection agency and make me it-how could it be income for me if I am paying? And, I agree-there is no way they would just "forget it"-right? Sorry to drag this on and on-I just want to be clear here

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