If I settle an debt with a creditor. Will the cred

If I settle an debt with a creditor. Will the creditor report the amount I saved to the IRS and then the IRS will charge me taxes on this amount...?

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Yes, the creditor will report the saved amount to the IRS. The IRS will charge tax on this amount.


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You will receive a 1099 if the creditor waives or settles off on $600 or more.  It is considered taxable.

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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