Actually yes. This is something a ton of people get stuck on that they do not know. If you were relieved of more than $600 (that is you settle for $600 or more than the original amount) then you will owe taxes on that money.
So for instance, if your balance was $1000 and you settled for $800, the difference is only $200 and that credit card won't send you a 1099, but if your balance was $1000 and you settled for $200, then the difference is $800 so you will owe taxes on that amount.
It's such a little known fact that many people get screwed on this. Good luck.
Welcome New User! ( Create Account | Sign In )
| You are here: Home Categories Taxes 1099 Forms Will I have to pay taxes on this amount? |
Question
Submitted 229 days ago...
Answers
Answer 1 / 2
Submitted 229 days ago...
Answer 2 / 2
Submitted 158 days ago...
Answer This Question Now
If your Answer is chosen as the “accepted” answer, you will earn ongoing royalties on
this thread.
Simply type your Answer in the box below and post your answer.
Related Questions
Can you determine where your taxes go?
If taxes go towards something you are morally opposed to like the war or animal testing, can you have your taxes NOT go toward those things?
Can I get a copy of my taxes from last year?
I lost my taxes from last year, how can I request a copy?
How much money do I need to earn before an employer must file a W2?
I have been contracting with several companies. A couple want to use a w-2 instead of a 1099, how much money should you make before they have to file?
Related Questions
Can you determine where your taxes go?
If taxes go towards something you are morally opposed to like the war or animal testing, can...
View Question
Can i get a copy of my taxes from last year?
I lost my taxes from last year, how can i request a copy?
View Question
How much money do i need to earn before an employer must file a w2?
I have been contracting with several companies. a couple want to use a w-2 instead of a 1099,...
View Question
Do you get your tax return faster if you file your taxes with a tax service online?
I want to use my tax return to go to cancun for spring break next year. do you get your return...
View Question
Taxes
I was just wondering how much money a single person can make before they have to pay in i...
View Question
When filing taxes and claiming dependences, do you only get credit for 2 if you claim 3?
I have 3 children, but i was told that when you file taxes you can only get credit for 2 children,...
View Question
Married with dual nationalities and us income taxes.
I am an american citizen. i work in alaska seasonally. i still need to file 2006 taxes....
View Question
Winner of first survivor -- name rich i think? what happend to him with taxes . . .
The first survivor show a guy name rich won the $1million dollars, however he did not claim...
View Question
Income from life insurance
My son recently passed away and i am the beneficiary for his life insurance policies. do...
View Question
Exempt
I have a question if you claim exempt on your taxes can you still get money back? i have two...
View Question
This Question has not been awarded yet.
About |
FAQs |
Contact Us |
Member Agreement |
Privacy Policy |
Site Map |
Advanced Search
Copyright © WebAnswers 2008. All rights reserved.
