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I have a question about cancellation of credit card debt. It
I have a question about cancellation of credit card debt … read more
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I need to file current and back taxes for someone who
I need to file current and back taxes for someone who experienced a catastrophic accident in 2011 and incurred some pretty high medical expenses (over 200k) since then. Specifically, I have three years of back taxes (2014, 2015, and 2016) to file and 2017 taxes. I did not worry much about 2014 & 2015 taxes being overdue because, given the high amount of medical expenses paid to health care facilities, I knew a refund was due for 2014 and 2015. However, 2016 is not as straight forward because those expense were for home health care. In addition, in 2017, a settlement was received, and my understanding is that the full amounts that were already deducted for medical expenses in 2012 and 2013 must now be included as income on this years taxes since there is no allocation for the settlement. Here's what is unclear to me: (1) when the back taxes for 2014 and 2015 are filed, can the medical expenses still be deducted for those years since the settlement wasn't received until 2017, as that would ensure a refund would be due for those years and penalties could be avoided? (2) Even if some of the home health expenses can't be deducted for 2016 and taxes are owed, if refunds are due from 2014 and 2015, would that reduce the amount considered overdue for 2016, thereby reducing the amount on which penalties are calculated? (3) Assuming 1 and 2 above are possible, must the entire amount deducted for medical expenses from 2012 - 2016 be included as income on 2017? Note: By "entire amount," I'm referring specifically to medical expenses related to the settlement, I'm assuming other medical expenses that aren't related to the accident do not need to be repaid. Please correct me if I am wrong. … read more
Robin D.
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My son could not make his student loan payment so he did a
Hi My son could not make his student loan payment so he did a settlement with Great Lake. He got a 1099-C for $28,857.26 this year for 2017. He thought that the settlement was it. The event code says … read more
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what is my responsibility when i receive a 1099-a form for a deed-in-lieu on my personal residence? … read more
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I had student loans forgiven but had no income for 2016. I
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I settled credit card debt in 2015 and am still making
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I was told by Ocwen that tax laws have changed and they are now required to list the entir
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PDtax
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My mother passed away in 2011. The estate had credit card debt and received 1099 for last year. An extension was filed for 2012 but not for 2013 because the payments to settle the debt were not sent u… read more
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My house was forclosed in Nov 2009 and the bank has sued us for the remaining payment (~$200k). I am settling the case for a lesser amount (~$100k) and expect to get a 1099. The bank is adding their "… read more
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I received a notice from a cancellation of debt from a debt
I received a notice from a cancellation of debt from a debt collector. I made a settlement with the credit card company in 1998 for half of the balance. About 3 years ago the remaining balance was sol… read more
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If you reach a settlement and pay off a credit card does the
If you reach a settlement and pay off a credit card does the original balance left over count as income on your taxes?… read more
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we di a settlement with 2 credit cards last year they told ...
we di a settlement with 2 credit cards last year they told us they had to send us a 1099 g but sometimes under cerain circumstances you do not have to pay taxes on all of it it totals around 8,000 is … read more
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