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Reply to "Outstanding Debts from 199...????"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Btw if your debt actually ends up forgiven you will get a 1099c. And owe taxes on it. [/quote] The old debt is not forgiven - it is just no longer enforceable (creditor cannot sue you). It still exists, arguably (although it is probably more reasonable to argue that non-collectible debt, in fact, has "disappeared" since a debt is a legal obligation to repay a good or service, so there the debt does not exist without the repayment obligation).[/quote] The debt does eventually get forgiven. There are several distinct trifpggers for forgiven debt. The irs makes the rules. Not the creditors. [/quote]
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