Do you have to pay any tax on the amount saved through debt consolidation?

Do I have to pay any tax on the amount saved through debt consolidation?

2 Answers

I have heard that one has to pay tax only while settling the debts. Is the same thing applicable to consolidation also? What about home equity loan? What if I take out a home equity loan to consolidate my debts? Will I have to pay tax for that also.


If any creditor waved $600 or more, you will receive a 1099

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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