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@LynetteM wrote:
Hi CWCID...that's why I specified pay (or settle...) for delete. If no delete...then no pay, as far as I'm concerned, for precisely the reasons you mention.
Even if you settle for delete the OC is supposed to (by law) send you a 1099 for the benefit of the bargain. It is income.
@creditwherecreditisdue wrote:Even if you settle for delete the OC is supposed to (by law) send you a 1099 for the benefit of the bargain. It is income.
@LynetteM wrote:
Hi CWCID...that's why I specified pay (or settle...) for delete. If no delete...then no pay, as far as I'm concerned, for precisely the reasons you mention.
Hi CWCID...I realize that. But...if you are saving money on the pay for delete by settling...then, paying tax on the difference between the amount due and the settled-for amount is still cheaper than paying the full amount. You would only be paying a portion of the forgiven amount instead of the full amount.
And...at this point...if it is close to falling off, I wouldn't mess with it at all unless I could get it deleted for good.