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Old 05-31-2007, 02:52 PM   #1
sunnybunzy
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Debt Elimination Taxes
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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.
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Old 05-31-2007, 02:53 PM   #2
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Q: Is this LEGAL?

A: Absolutely. You got the money so why shouldn't you pay taxes on it?
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Old 05-31-2007, 02:54 PM   #3
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Help Please!!!
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Old 05-31-2007, 02:56 PM   #4
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thank you..ur right of coarse.. is there no statute of limatation here?
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Old 05-31-2007, 03:20 PM   #5
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Quote:
Originally Posted by sunnybunzy View Post
thank you..ur right of coarse.. is there no statute of limatation here?
http://www.nysscpa.org/cpajournal/20...ntials/p46.htm
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Old 05-31-2007, 04:09 PM   #6
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thx 4 your time!!
I appreciate your time and efforts given! thanks again, hagd.
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