What are the tax consequences of credit card settlement?

What are the tax consequences of credit card settlement?

2 Answers

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You will have to pax on the amount forgiven by the creditor. IRS regards it as taxable income.


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You should receive a 1099 for the settled amount.  You will need to file it with your taxes.

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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