Debt Elimination Taxes

[sunnybunzy]

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]

Q: Is this LEGAL?

A: Absolutely. You got the money so why shouldn't you pay taxes on it?

 

[sunnybunzy]

Help Please!!!

 

[sunnybunzy]

thank you..ur right of coarse.. is there no statute of limatation here?

 

[seniorjudge]

thank you..ur right of coarse.. is there no statute of limatation here?

http://www.nysscpa.org/cpajournal/2006/806/essentials/p46.htm

 

[sunnybunzy]

thx 4 your time!!

I appreciate your time and efforts given! thanks again, hagd.