Discussion:1099 C Forgivness of Debt.
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> 1099 C Forgivness of Debt.
Discussion Forum Index --> Tax Questions --> 1099 C Forgivness of Debt.
| 22 March 2008 | |
| My Client got a notice from IRS for a balance due. It is because a federal lending authority got around to report the not payment. My client divorced the co owner 15 years ago. The spouse went south on the loan and now my guy is getting slammed for the taxes on the loan balance. He got a 30 day repreive on the notice by calling IRS. The 30 days in over on March 21. He settled in this devorce long ago. Is it legal papers that are going to save him. Is there a form to file to put the brakes on the IRS?
DY | |
| 23 March 2008 | |
| Who was responsible for the debt in the divorce? I think that's where I would start. I wouldn't think the divorce settlement would leave both liable for the debt (jointly), so that's what will settle the issue of who is taxed.
Then again, I've never been married, let alone divorced, so I don't have a lot of divorce settlement experience. | |
To join in on this discussion, you must first
log in.
