http://debtprison.net/wordpress/296/settled-debt-is-taxable-income/ Financial Opinion Wed, 08 Feb 2012 06:39:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://debtprison.net/wordpress/296/settled-debt-is-taxable-income/comment-page-1/#comment-11187 Debt Prison Mon, 25 Jan 2010 22:51:10 +0000 http://debtprison.net/wordpress/?p=296#comment-11187 I'd wait until it gets closer to April before I would file. It may show up by then, otherwise I'd seek the advice of a tax professional. I’d wait until it gets closer to April before I would file. It may show up by then, otherwise I’d seek the advice of a tax professional.

]]> http://debtprison.net/wordpress/296/settled-debt-is-taxable-income/comment-page-1/#comment-11186 rpmt Mon, 25 Jan 2010 21:28:35 +0000 http://debtprison.net/wordpress/?p=296#comment-11186 We are in the process of settling our credit card debt. We will be filing a form 982 with our taxes this year. What if the credit card company hasn't processed the settlement yet? In other words, we have a couple of debts that are settled. We settled these in monthly payments. We've met our obligations and the company has yet to send us the final letter saying it is done. We've also not gotten the form 1099-C from the cc company. It apparently can take up to 90 days for all of the paperwork to finish and for it to show as settled. Do we still file the form 982 for the debt we settled, or do we wait for the credit card company to send us a form 1066-C? We are in the process of settling our credit card debt. We will be filing a form 982 with our taxes this year. What if the credit card company hasn’t processed the settlement yet? In other words, we have a couple of debts that are settled. We settled these in monthly payments. We’ve met our obligations and the company has yet to send us the final letter saying it is done. We’ve also not gotten the form 1099-C from the cc company. It apparently can take up to 90 days for all of the paperwork to finish and for it to show as settled. Do we still file the form 982 for the debt we settled, or do we wait for the credit card company to send us a form 1066-C?

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