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Re: Question- Threat from Collection Agency


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Posted by Taziblue (4.170.224.59) on May 07, 2004 at 09:22:53:

In Reply to: Re: Question- Threat from Collection Agency posted by Why Chat on May 07, 2004 at 06:57:50:

To add to WhyChat's astute comments:

A 1099C is forgiveness of debt. Translation: the balance due can never be sold to another ca. The IRS does consider it income to you, but if you are insolvent (more debt than assets) in the year it is issued, you do not have to pay taxes on it. You do have to file the appropriate forms with the irs to claim this status.




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