Credit Card Debt Relief Income
If I enter a credit card for a relief program Debt Relief what will be the 982 tax form do to help?
I was told that the year would be a consolidation of credit must file a form # 982. This will do for me? Sorry I am concerned with "Debt" by becoming a taxiable income.
When the debt is canceled, you will receive a Form 1099-C for the amount you are not paying. The IRS says to add this to your income. If you are in the 15% tax bracket and has canceled $ 10K, you pay income tax of $ 1,500. While through bankruptcy or are insolvent, you use the Form 982 to defer the debt canceled a year later. For the total was broken, it can never include money income. For others, will. If it is not broke, you can not use this form. See IRS Publication 4681.
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