car loan and taxes

I had co signed for a car loan with my girl friend in 2005. The car has now been re-poed by the lender and I have some dues to pay. But they are now calling my phone saying that they want to discuss tax information for W2\'s. Does this mean they will with held my taxes for a car loan?

2 Answers

If you don't repay the balance owed, it is considered income by the IRS and you will have to pay income tax on the amount (over $600).  That's likely what they're talking about.  You should receive a 1099-C.

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I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

It is best to consult a tax advisor on this matter. So far, I haven't heard any such thing. 


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