Re: Reporting credit card debt to IRS?

Posted by LadynRed (199.91.33.254) on February 03, 2003 at 10:52:14:

In Reply to: Reporting credit card debt to IRS? posted by anon on February 01, 2003 at 12:14:37:

Wait a minute - she had nothing owing the IRS ! The jerks at the credit card company told her that if they had to charge-off the account that they would report that charged-off debt to the IRS as earned income -- total BS ! We all know they can't do that !!

And.. what's this about a being a 'federal bank' ?? More horse-hocky ! Even a federal bank would have to adhere to the federal banking laws and a charge-off does NOT go to the IRS - except on the COMPANY'S tax return as a profit/loss write-off.

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