Re: Credit Settlements Resulting in IRS Claim

Posted by skinderflirt on June 29, 2001 at 13:04:45:

In Reply to: Credit Settlements Resulting in IRS Claim posted by Tam on February 16, 2001 at 07:39:57:

: I read that some people who have negotiated settlements with the original creditors found out, while filing their tax returns, that the settlement was filed with the IRS as income. Therefore, they were required to pay taxes on the settlement amount. Is this true? How can this
be avoided?
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Why would there be taxes on this when you have already paid taxes on this money?

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