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Drilled wells on a property and the women paid me 48,000.00

Customer Question
then put stops on the...
Drilled wells on a property and the women paid me 48,000.00 then put stops on the check
she detrimed my license under ca. State Law was not correct . She was right,but I have sued her for unjust enrichment. Will probally loss. Will she have to pay taxes on the improvement and can I write off the 48,000 as abad debt?
Submitted: 7 years ago.Category: Tax
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Answered in 28 minutes by:
2/1/2010
Tax Professional: Chad Oberg, Certified Public Accountant (CPA) replied 7 years ago
Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
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Sure,

 

When a credit card forgives a card holder and writes off the balance they issue a 1099-C which compels the recipeint to recognize the income. You can do the same process with your company. See the link below:

 

http://www.irs.gov/pub/irs-pdf/i1099ac_09.pdf

 

 

Regards,

 

 

Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
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Customer reply replied 7 years ago
Should I cancel the lawsuit I have against them and remove the lien
Tax Professional: Chad Oberg, Certified Public Accountant (CPA) replied 7 years ago

I wouldn't cancel the lawsuit or the lien. You may want to discuss with your lawyer as to any effects of sending out a 1099 or writing off the debt on the lawsuit. You want to keep as many options running as possible and therefore keep your chance of collection high.

 

Regards,

 

Chad

Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
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Chad Oberg
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