http://www.bankaholic.com/finance/credit-cards-offering-to-settle-on-the-cheap/ Blogging about personal finance, foreclosures, mortgages, interest rates, and budgeting. Wed, 18 Nov 2009 03:45:46 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.bankaholic.com/finance/credit-cards-offering-to-settle-on-the-cheap/comment-page-1/#comment-26256 TG Tue, 14 Jul 2009 21:11:55 +0000 http://www.bankaholic.com/finance/?p=860#comment-26256 That beats paying the entire amount to the credit card company. Also, in this environment and for the next several years, I am sure the IRS is willing to negotiate as well considering how the tax bill came about. Many of these antiquated tax laws will be going away. Case in point, paying tax on losses to banks on foreclosures. That went away during the Bush administration. I think the tax on credit card losses is next. That beats paying the entire amount to the credit card company. Also, in this environment and for the next several years, I am sure the IRS is willing to negotiate as well considering how the tax bill came about. Many of these antiquated tax laws will be going away. Case in point, paying tax on losses to banks on foreclosures. That went away during the Bush administration. I think the tax on credit card losses is next.

]]> http://www.bankaholic.com/finance/credit-cards-offering-to-settle-on-the-cheap/comment-page-1/#comment-26061 Alisa Sat, 11 Jul 2009 13:29:56 +0000 http://www.bankaholic.com/finance/?p=860#comment-26061 But people should be aware that when they accept these "settlements" often times you will receive a lovely document at tax time from the bank listing the write off amount as income for you so the consumer has to pay taxes on it. But people should be aware that when they accept these “settlements” often times you will receive a lovely document at tax time from the bank listing the write off amount as income for you so the consumer has to pay taxes on it.

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