Taxable Income Company
Question: If you make a settlement on a debt you owe do you do you have to claim it as Taxable Income.?
I made a settlement on a debt that i owed($2600 dept i paid $1300)I have not received a 1099 as of yet from the credit card company.Do i still have to declare this on my taxes.
Answer: It is taxable income UNLESS you were insolvent on the date of settlement. Insolvent means you owed more than your assets were worth.
You likely WILL get a 1099-C. The company has a few more weeks to send them out.
Eaton Vance New York Bet Makes MacIntosh First Among Muni Funds
Jan. 5 (Bloomberg) — Eaton Vance Corp.’s New York Municipal Income Trust , using borrowed money to benefit from a revival of long-term debt, became the best-performing mutual fund investing in state and local bonds in 2009 after turning in one of the worst records the year before.
NEW! FOR 2008 (H.R. 5140 02-08-2008)
