Posted on: 03rd Feb, 2011 06:38 pm
I just got a 1099c for $15.000. I make less than $20.000 a year and don't own any property. How much of this will I pay back when my net income is less than $10.000 and I have a dependent? I cant afford to lose what little bit of tax return that I get back because it is used to buy clothes and put food on the table. I lost my house because I had to take care of my disabled child.
Hi Carla,
You should contact a tax adviser and he will go through the papers and let you know the amount of tax you need to pay for the forgiven debt.
Thanks
You should contact a tax adviser and he will go through the papers and let you know the amount of tax you need to pay for the forgiven debt.
Thanks