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Personal Finance and Investing

progree

(12,093 posts)

15. May I ask the name of the debt consolidation / settlement company?

Reply to forgotmylogin (Original post)

Wed Dec 27, 2017, 02:40 AM

Dec 2017

From everything I've read and heard, the vast majority of them do little except collect fees for as long as possible. I'm very glad to hear there is one that actually helps. I have a friend that really could use some hope and help with loan consolidation. Thanks and good luck

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Question about taxes and debt settlement. [View all] forgotmylogin Dec 2017 OP

The amount of a forgiven debt is taxed as income. The Velveteen Ocelot Dec 2017 #1

Unless Your Name Is Trump SeaDoo77 Dec 2017 #14

It would not surprise me, I have no personal knowledge Angry Dragon Dec 2017 #2

Yes, forgiven credit card debt counts as income to you. PoliticAverse Dec 2017 #3

Topic Number: 431 - Canceled Debt Is It Taxable or Not? elleng Dec 2017 #4

The $640.00 is consdered income on your tax returns... cbreezen Dec 2017 #5

On what basis do you say, elleng Dec 2017 #6

It was actually $5000-something in forgiveness. forgotmylogin Dec 2017 #10

Did you get a 1099 from the entity who forgave the debt? nt cbreezen Dec 2017 #11

No. forgotmylogin Dec 2017 #12

You should have recieved one. cbreezen Dec 2017 #13

You got purchases you did not pay for, thats income Cicada Dec 2017 #7

Keep in mind that the $640 will be taxed at your marginal PoindexterOglethorpe Dec 2017 #8

No, the $640 is the amount of tax owed. A HERETIC I AM Dec 2017 #18

Thanks for the responses! I figured as much. forgotmylogin Dec 2017 #9

May I ask the name of the debt consolidation / settlement company? progree Dec 2017 #15

Sure, I know are a lot of them. forgotmylogin Dec 2017 #16

Thanks! progree Dec 2017 #17