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charge off- impact on taxes?

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Posted by anon ( on June 04, 2004 at 02:55:40:

I'm in the process of working with a debt reduction lawyer (not consolidation). This is resulting in charge-offs for most of my debt with various companies. I've been told that the amounts that are charged off will be reported to the IRS, and that they may count as income for my taxes. Anybody got any experience with this? Just want to know what to expect. Can't find anything on the web. Thanks!

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