Become income?
In October of 2005, I paid off 2 credit cards. I owed $5,000.00 on one, they settled for $4,000.00 and about the same with other card. This past year, 2007, I get a notice from the IRS calling what I didn't pay "income" and I have to pay taxes on the $2,000.00
I was not told by the credit card companies they would be sending a 1099 to the IRS and that it would be considered income, so I had no idea. I also never received a 1099 from either credit card company.
2007-12-03
17:10:49
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8 answers
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asked by
Lisa M
2