Re: Question on Settlement offer

Posted by Taziblue (64.157.149.8) on February 18, 2004 at 11:29:30:

In Reply to: Question on Settlement offer posted by momtomat on February 18, 2004 at 09:34:50:

I may be able to help on 1099C.

IF you are eligible for one, you are most likely insolvent. For irs purposes, this means that your assets (what you own, money in bank etc) is less than what you owe (everything you owe, not just credit card debt)

If you get one, it will be issued for a specific year and then you file a form along with your taxes and do not have to pay tax.

Be very careful when dealing with settlement offers- they usually sell the balance to someone else and you are still under the gun.

Read-read-read on this site and in archives.

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