Said Collection
A collection said they are going to send my collection to the IRS because it was a big truck i turned back?
I had a big truck and could no longer make the payments and i turned it back in and they sold it again and the said i have to pay for the balance that was left and said if i don;t pay it they where going to send it to the IRS because it is income and i don't know who to turn too
What they do is they write off the remaining balance that you owe them. The IRS has ruled that if a debt is written off, it then becomes income to you so you'll get a 1099 next year with whatever the amount was and you have to claim it as income on your taxes and pay income taxes on it.
Yes, it's legal. Whoever said it wasn't, is wrong. Read article on link below.
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 MAC LUSTRE LIPSTICK SOFT PAUSE BNIB RED SHE SAID COLLECTION RARE $34.95 Time Remaining: 3d 18h 38m Buy It Now for only: $34.95 |