Has anyone tried "debt settlement" from the Irs by themselves?
Q.Has anyone tried "debt settlement"from the Irs by themselves? I am looking for a sample letter to send to the creditors via certified mail...offering them a portion of the balance to be paid the last week in March. I need help with the verbabe on the actual letter. thanks!!!
A.Try www.creditnet.com The people on that board really know their stuff regarding creditors and they have sample letters to use or use as a guide. Keep in mind that if you settle you will owe taxes on the portion you don't pay. Say you owe Citibank 5,000 and settle for 1,000 you will receive a 1099-C (I think it is) from them next tax season and owe the IRS taxes on the 4,000 you did not pay Citibank. It's considered income by the IRS. While creditors often do sent out 1099's under such circumstances, if you are insolvent, you do not owe taxes on the imputed income on the compromise. Speak with your tax advisor for more details
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