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Re: [tips_and_tricks] 1099-C

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  • Dave Miner
    yond -- The simple answer is, you can t. If you owe a debt and do not pay, it is considered income by the govt if the debt is forgiven. In law, the creditor
    Message 1 of 5 , Feb 3, 2004
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      yond --
       
      The simple answer is, you can't.  If you owe a debt and do not pay, it is considered income by the govt if the debt is forgiven.  In law, the creditor "gave" you $6,140 free and clear.
       
      The more complex answer is to not file a Form 1040.  See my website for more on this.
       
      Yours in freedom,
       
       
      ----- Original Message -----
      Sent: Monday, February 02, 2004 9:46 PM
      Subject: [tips_and_tricks] 1099-C

      I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
      D.

    • David Smith
      Simple. Don t file income tax returns or any other IRS prmise to give them money contract paperwork. If you give them your signature on their paperwork, they
      Message 2 of 5 , Feb 3, 2004
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        Simple. Don't file income tax returns or any other
        IRS "prmise to give them money" contract paperwork.
        If you give them your signature on their paperwork,
        they own your ass.

        DJS


        --- yond42@... wrote:
        > I defaulted on a Chase credit card in 2003. They
        > just sent me a 1099c
        > showing forgiveness of debt for $6140.00. How can
        > I not have to report this as
        > income on my income tax return
        > D.
        >


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      • gary
        Very interesting, if they have sent you a 1099c, then they must not be trying to collect this account anymore and are not sending any bills or collection calls
        Message 3 of 5 , Feb 3, 2004
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          Very interesting, if they have sent you a 1099c, then they must not be trying to collect this account anymore and are not sending any bills or collection calls or letters, are they? 
           
           
          -----Original Message-----
          From: yond42@... [mailto:yond42@...]
          Sent: Monday, February 02, 2004 9:46 PM
          To: tips_and_tricks@yahoogroups.com
          Subject: [tips_and_tricks] 1099-C

          I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
          D.


        • Nilbux@aol.com
          In a message dated 2/3/2004 5:02:24 PM Central Standard Time, yond42@aol.com ... You ask the IRS to tell you what statute makes you subject to the tax. When
          Message 4 of 5 , Feb 3, 2004
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            In a message dated 2/3/2004 5:02:24 PM Central Standard Time, yond42@... writes:

            I defaulted on a Chase credit card in 2003.  They just sent me a 1099c showing forgiveness of debt for $6140.00.   How can I not have to report this as income on my income tax return
            D

              
             
               You ask the IRS to tell you what statute makes you subject to the tax.

                When they don't answer, the presumption is made that there is no such
                statute.

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