2007-03-25 03:40:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Only if they wrote off a delinquent account of yours. Forgiven debt is income.
Other than that, no.
2007-03-25 04:54:07 · answer #1 · answered by sunshine 3 · 2⤊ 0⤋
Perhaps you are thinking about the interest you pay to the credit card company. That interest is not deductible unless it is connected to a business or investment. You will get a 1099 C if you default and they cancel the debt. In that case the amount of debt canceled becomes income to you. Very bad news for most people who thought that they had gotten out of the debt.
2007-03-25 04:51:37 · answer #2 · answered by ? 6 · 2⤊ 0⤋
You will only if your card has a savings component that pays you interest..I know AMEX has a card like this...however most cards don't....
2007-03-25 04:05:50 · answer #3 · answered by RotoGuru78 1 · 1⤊ 0⤋
No, why would you?
2007-03-25 03:53:41 · answer #4 · answered by Judy 7 · 1⤊ 0⤋