PDA

View Full Version : Debt Elimination Taxes

sunnybunzy
05-31-2007, 02:52 PM
Irs has gone back and changed my 2005 tax return . Claiming Debt Elimination from a charged off visa account from 1995.The entire balance owed was added to my gross income and was then taxed. Now stating I owe 2200.00 for this elimination.
Is this LEGAL? Can I somehow get out of this problem. I contacted the original visa account holder, and they cannot provide me with an accout details list because they no longer have any records on this account.
seniorjudge
05-31-2007, 02:53 PM
Q: Is this LEGAL?

A: Absolutely. You got the money so why shouldn't you pay taxes on it?
sunnybunzy
05-31-2007, 02:54 PM
Help Please!!!
sunnybunzy
05-31-2007, 02:56 PM
thank you..ur right of coarse.. is there no statute of limatation here?
seniorjudge
05-31-2007, 03:20 PM
thank you..ur right of coarse.. is there no statute of limatation here?

http://www.nysscpa.org/cpajournal/2006/806/essentials/p46.htm
sunnybunzy
05-31-2007, 04:09 PM
I appreciate your time and efforts given! thanks again, hagd.:)