Get Answers About IRS Debt Settlement
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How much to offer irs tax debt settlement.?
I owe the IRS $18000+ for the 2008 tax year. I want to make an offer to the IRS, but don't know how low I can go. What is a reasonable offer to make, 10%, 20% 30%..., or lower? If anyone has been in a similar...
Answered 7/12/2009 | View Answer | See Question
I "settled" with several credit companies for over $40,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was "insolvent" at the time of the settlement....
Answered 1/2/2007 | View Answer | See Question
Irs tax form 1099-c after credit card debt settlement?
if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or...
Answered 3/26/2008 | View Answer | See Question
Settling a debt, does the irs tax you on the total amount settled or individually?
Does the IRS charge tax on each settlement over 600 but not on anything under 600 or on a cumulative amount of all the debt you settle in a year?
Answered 10/15/2009 | View Answer | See Question
Are debt settlement companies a scam?
I was thinking of signing up with a debt settlement company but I have heard the debt settlement companies not what they seem. They promise to settle your credit card and unsecured debt for half or less than what...
Answered 10/15/2007 | View Answer | See Question
My husband and I were in a debt settlement program. I am wondering if we'll have to claim this on our taxes? I know we'll have to claim it, but will we have to pay? This is what our debt program states...
Answered 1/23/2007 | View Answer | See Question
Debt settlement, 1099 for credit co, and insolvency?
For Credit Card debt settlement, what happens if one spouse is insolvent, but the other isnt? I am trying to settle my cards, and know about the insolvency clause. However, if my spouse and I file joint, how would...
Answered 6/3/2009 | View Answer | See Question
Debt settlement-dear god, what have i done?
Last year I signed up with a debt settlement agency. I had very little money and used credit cards to live off of while I was in school, thinking I could catch up. It was that or starve, basically. I had to work...
Answered 8/20/2008 | View Answer | See Question
My debt settlement was sucessful but only with credit cards, how about other debts?
Around 1 year back, me and my wife decided to go with this company http://www.DebtCareUSA.com for debt settlement of our credit cards. We had around $16,000 and we had to pay back only $9,000 that too in monthly...
Answered 3/20/2008 | View Answer | See Question
Debt settlement = good credit?.if i learn how to do it right :)?
I have heard that after 6 months when an account gets charged off and bought by a collection agency that I can negotiate a settlement for pennies on the dollar AND have my derogatories deleted. So....question is...
Answered 9/17/2009 | View Answer | See Question
There are many citizens who regularly pay their taxes on time and in the amount owed. Meanwhile, other people who don't pay their taxes and rack up huge tax debts are able to settle with the IRS for an amount...
Answered 1/15/2010 | View Answer | See Question
I just found out I owe $7000 in taxes for last year, due to my income from my [now defunct] partnership being listed as a "Guaranteed Payment" instead of a passive, capital draw (loan from the company)....
Answered 4/14/2007 | View Answer | See Question
My $50K back tax debt to the IRS has been classified as "currently not collectible" for the past two years. I recently won a Disability settlement from Social Security and received a check for 4 1/2...
Answered 5/27/2007 | View Answer | See Question
Who is the best company and the cheapest to go with to make a settlement with irs ?
I owe about 12,000 and some change to the IRS , about 6-7 thousand of that is from filing late and all the late fees and stuff, if not more. I have heard of people making a settlements for only a fraction of what...
Answered 7/17/2009 | View Answer | See Question
Irs form 982- exclusion from income credit card debt forgiven if insolvent?
My wife had $10,000 in credit card debt forgiven via settlement. It was her debt alone. We file jointly. I have a worksheet to determine insolvency. In adding up assets and liabilities, do I include just hers or...
Answered 2/6/2010 | View Answer | See Question
Do you need to pay tax on credit card debt negotiated down?
We are trying to negociate 50,000 credit card down to 25,000. Is it true that you need to pay taxes on the amount settled to the IRS. See post below: "Do you have the settlement amount in full? When you...
Answered 6/14/2008 | View Answer | See Question
My house is paid in full and i owe the irs. what do i do?
the house is worth 150k and we owe about 25k + interest and penaltys. should I go into debt on the house to have no equity, transfer the deed to a relative or?? . I want to approch them (irs) to do a settlement,...
Answered 12/20/2008 | View Answer | See Question
Has anyone ever used one of those tax settlement programs?
You know, like the ones you see on TV, claiming they had a huge tax debt with the IRS and the company settled it for much less? How does that work?
Answered 9/15/2009 | View Answer | See Question
Is there any way to resettle a tax settlement?
Long story short, my mom owed about 3000$ to the IRS, and they started to garnish 100$ a week from her check. She worked out a settlement (herself) for 25$ a week. Rather than making 4 times the payments (120)...
Answered 6/10/2009 | View Answer | See Question
IRS question: Married (August 1993) Lived, & Divorced (April 2009) in state of Louisiana; Jointly filed income tax through 2000. Husband lied to me and told me he filed income tax 2001-2005. Found out in 2006...
Answered 7/29/2009 | View Answer | See Question
Settlement debts or bankruptcy?
I just accepted an offer to settle a credit card debt, at the end of the disclaimer, they slipped in that the IRS would be sending a letter because the portion not paid due is now taxable. And at first, I was understanding...
Answered 7/2/2007 | View Answer | See Question
How to prove insolvency after credit card settlement?
I will settle one of my credit card debt. To prove insolvency to the IRS, what information will I need to give along with a 982 form? Do I calculate the amount of income + assets + credit card debt after I settled?...
Answered 7/10/2009 | View Answer | See Question
This info is for a freind whom has consulted w/ an atty. and stated that the only option is a settlement. This party does not have the money for a settlement nor enough assets to sell off to erase the tax liability....
Answered 11/26/2006 | View Answer | See Question
Ever been taken by attorney to the cleaners? ?
And ended up with big IRS debt larger than the settlement you received? What did you do? We're talking a huge amount because of the attorney. Thanks.
Answered 1/16/2009 | View Answer | See Question
my wife has a few credit cards in which she has about 6k in debt. then she took out her 401k in order to pay some off(which brought it down to 6k) and so we both got nothing back from our taxes and now we owe the...
Answered 3/9/2010 | View Answer | See Question
Settling a debt - when will a debtor generally issue a 1099c?
If debt settlement is reached with credit card companies, when will they generally complete the 1099C? I have received two different answers. The first is once the settlement has been reached. The second is...
Answered 7/8/2009 | View Answer | See Question
Irs settlements/offer in comprimise?
How hard/easy is it to get approved? What steps are taken, what needs to be done? How much will be dropped off a $14k debt if I make 2500 a month and net only 6-700.00 after taxes and support?
Answered 4/7/2007 | View Answer | See Question
Is this a good deal or should i keep asking for a reduction?
My Boyfriend owes almost $5000 to a Credit Card company. After reading an article about how a guy got a reduction (not settlement with IRS involved) and paid off his credit card debt, I decided to give them a call...
Answered 6/22/2009 | View Answer | See Question
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