http://debtreliefclearinghouse.info Tue, 14 Feb 2012 04:54:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://debtreliefclearinghouse.info/1099c-cancelation-of-debt#comment-166 AbodeRES Tue, 14 Feb 2012 04:54:34 +0000 http://debtreliefclearinghouse.info/1099c-cancelation-of-debt#comment-166 The reason I said $80k is that my friend owes approximately $180K on the motor home and the fair market value (according to NADA) is between $100k and $120k. So assuming those numbers are true, wouldn't there be an $60K - $80K 1099-c issued? For a primary residence I believe the Mortgage Forgiveness Debt Relief Act would give you the ability to discharge the tax liability. But for non-primary residences there really should be some type of hardship consideration available. The reason I said $80k is that my friend owes approximately $180K on the motor home and the fair market value (according to NADA) is between $100k and $120k. So assuming those numbers are true, wouldn’t there be an $60K – $80K 1099-c issued?
For a primary residence I believe the Mortgage Forgiveness Debt Relief Act would give you the ability to discharge the tax liability. But for non-primary residences there really should be some type of hardship consideration available.

]]> http://debtreliefclearinghouse.info/1099c-cancelation-of-debt#comment-165 MHSolutionsInc Tue, 14 Feb 2012 04:35:33 +0000 http://debtreliefclearinghouse.info/1099c-cancelation-of-debt#comment-165 Hi Bruce, The Act provides tax relief for Primary Residence only. Under the IRS code, however, your friend will be able to write off 1099C income to the extent that she is insolvent. Her hardship will have to be proven by insolvency. Her accountant will need to help her with this. Peter Hi Bruce,
The Act provides tax relief for Primary Residence only. Under the IRS code, however, your friend will be able to write off 1099C income to the extent that she is insolvent. Her hardship will have to be proven by insolvency. Her accountant will need to help her with this.
Peter

]]> http://debtreliefclearinghouse.info/getting-out-of-debt#comment-164 broli1111 Fri, 20 Jan 2012 07:10:20 +0000 http://debtreliefclearinghouse.info/getting-out-of-debt#comment-164 I wonder how much her family suffered because of her shopping addiction. Honestly, if I was that much in debt, I would have filed for bankruptcy! It would have saved her family about 80%, and their credit would better afer just 7 years. But yeah, I don't see a reason why she couldn't have been working all those years! I wonder how much her family suffered because of her shopping addiction. Honestly, if I was that much in debt, I would have filed for bankruptcy! It would have saved her family about 80%, and their credit would better afer just 7 years. But yeah, I don’t see a reason why she couldn’t have been working all those years!

]]> http://debtreliefclearinghouse.info/getting-out-of-debt#comment-163 whereitallhappens Fri, 20 Jan 2012 06:12:23 +0000 http://debtreliefclearinghouse.info/getting-out-of-debt#comment-163 We're not being told everything. We’re not being told everything.

]]> http://debtreliefclearinghouse.info/getting-out-of-debt#comment-162 Janusha Fri, 20 Jan 2012 05:46:41 +0000 http://debtreliefclearinghouse.info/getting-out-of-debt#comment-162 wonder why its ONLY women that totally lose it with shopping. I think its because for alot of women self worth, confidence comes from material things. Like.. a woman feels great if she wears an expensive necklace.. and less great if shes told its really a worthless copy. They love expensive stuff as if its worth wears off to the user. Its got nothing to do with looking great. Its about feeling special. Fucked up sense of values if you ask me. wonder why its ONLY women that totally lose it with shopping. I think its because for alot of women self worth, confidence comes from material things. Like.. a woman feels great if she wears an expensive necklace.. and less great if shes told its really a worthless copy. They love expensive stuff as if its worth wears off to the user. Its got nothing to do with looking great. Its about feeling special. Fucked up sense of values if you ask me.

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