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[canito]

Tiger,

Should be clear now, my apologies.

C

[justmeagain]

Anyone knows if you get a 1099-c car repo that was years ago, if you have to reported when doing the taxes? thanks...

[jconstantine]

(04-10-2015 05:56 AM)justmeagain Wrote:  Anyone knows if you get a 1099-c car repo that was years ago, if you have to reported when doing the taxes? thanks...

Short answer is probably. From the IRS SITE
http://www.irs.gov/taxtopics/tc431.html

Topic 431 - Canceled Debt – Is It Taxable or Not?

A debt includes any indebtedness whether you are personally liable or liable only to the extent of the property securing the debt. Cancellation of all or part of a debt that is secured by property may occur because of a foreclosure, a repossession, a voluntary return of the property to the lender, abandonment of the property, or a principal residence loan modification.

In general, if your debt is canceled, forgiven, or discharged you will receive a Form 1099-C (PDF), Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception. If you receive a Form 1099-C but the creditor is continuing to try to collect the debt, the creditor may not have canceled the debt. You should verify with the creditor your specific situation; you might not have cancellation of debt or taxable income.

In general, you must report any taxable amount of a canceled debt for which you are liable as ordinary income from the cancellation of debt, on Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return, and associated schedules, as advised in Publication 4681 (PDF), Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). You must report the taxable amount of a taxable canceled debt whether or not you receive a Form 1099-C.

Caution: If property secured your debt and the lender takes that property in full or partial satisfaction of your debt, you are treated as having sold that property and may have a taxable gain or loss. The gain or loss on such a deemed sale of your property is an issue separate from whether any cancellation of debt income associated with that same property is includable in gross income. See Publication 544, Sales and Other Dispositions of Assets, and Publication 523, Selling Your Home for detailed information on reporting gain or loss from repossession, foreclosure or abandonment of property.

Canceled debts that meet the requirements for any of the following exceptions or exclusions are not taxable.
Debt Cancellations or Reductions that Qualify for EXCEPTION to Inclusion in Gross Income:

Amounts specifically excluded from income by law such as gifts, bequests, devises or inheritances
Cancellation of certain qualified student loans
Canceled debt, that if it were paid by a cash basis taxpayer, would be deductible
A qualified purchase price reduction given by a seller
Any Pay-for-Performance Success Payments that reduce the principal balance of your home mortgage under the Home Affordable Modification Program

Canceled Debt that Qualifies for EXCLUSION from Gross Income:

Debt canceled in a Title 11 bankruptcy case
Debt canceled during insolvency
Cancellation of qualified farm indebtedness
Cancellation of qualified real property business indebtedness
Cancellation of qualified principal residence indebtedness

The exclusion for qualified principal residence indebtedness provides tax relief on canceled debt for many homeowners involved in the mortgage foreclosure crisis currently affecting much of the United States. The exclusion allows taxpayers to exclude up to $2,000,000 ($1,000,000 if married filing separately) of canceled qualified principal residence indebtedness.

Generally, if you exclude canceled debt from income under one of the exclusions listed above, you must reduce certain tax attributes (certain credits, losses, basis of assets, etc.), within limits, by the amount excluded. You must file Form 982 (PDF), Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), to report the amount qualifying for exclusion and any corresponding reduction of those tax attributes. For cancellation of qualified principal residence indebtedness that you exclude from income, you must only reduce your basis in your principal residence.

If you received a Form 1099-C and the information is incorrect, contact the lender to make corrections. Refer to Publication 4681 (PDF), Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals), for more detailed information regarding taxability of canceled debt, how to report it, and related exceptions and exclusions. Publication 525, Taxable and Nontaxable Income, contains additional information. If you received a Form 1099-A (PDF), Acquisition or Abandonment of Secured Property, review Topic 432 for more information.
More Tax Topic Categories

Page Last Reviewed or Updated: March 06, 2015

[fullshift]

Maybe I'm missing something here. We're all (or mostly) in this forum to make money and help others make money. If you make enough money you don't NEED a credit score aka a passing grade to get a LOAN....you should have MONEY aka cash, and therefore, not need to borrow money from someone just to pay them interest.

[California Kid]

most people who make a good living and have the cash to pay for things, would rather not tie up their cash. especially now when interest rates are VERY low.

for example....if you want to scale your business or anything you can earn on your money at 20%(as an example), why would you tie up your money paying cash for a house or car etc when you can get a loan for less than 10%?

it's called leveraging your money....

for instance, if you wanted to buy a car on a loan for 40k at 5% interest, you can still invest that 40k in to something that can yield 20% and you just saved made 6k in a year that you wouldn't have been able to make otherwise.

also, although i usualyl like to pay cash for most of my every day purchases, you can see a trend where we are turning in to a cashless society gradually and that includes checks. i think people should be prepared for that and the fact that in the next generation, the majority of retail sales will be online. can't pay cash THAT way.

[fullshift]

You can use a debit card which is usually a Visa or Mastercard debit card that is tied directly to the cash/balance you have in the bank, just like you would any other credit card. That's what I use, and you can use it overseas, online...anywhere that accepts Visa or Mastercard, which is almost everywhere.

I just prefer to be debt free, and not owe anyone anything. It keeps my life simple and easy. The idea of leveraging my money for a small chunk of change in exchange for becoming a financial slave to some multi-billion dollar company doesn't appeal to me. I don't like feeding that machine in that way, even if I can make a little bit of money here and there off the deal.

[California Kid]

well your question was answered. i don't really think anyone cares if you choose not to leverage your money. that's a personal choice and personally, i think it's a bad one... especially if you want to prepare for an emergency where you might not have all the cash you need on hand.

[dnblack]

Excellent info thanks tiger777
and I would be interested if you put a product together

[Lumos]

Looks like...:

(04-09-2015 01:49 AM)tiger777 Wrote:  750 Credit Score Enhancement | REAL Credit Repair
NEW Thread:
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The mentioned thread must be VIP-only, as I cannot visit it.
A shame as I also cannot afford VIP yet and could really use the info that Tiger777 has referred to.

Anyone else here have any truly great and workable credit repair info which may be shared here ??

[LadyDee]

(04-09-2015 01:49 AM)tiger777 Wrote:  750 Credit Score Enhancement | REAL Credit Repair

NEW Thread:
http://bestblackhatforum.com/Thread-750-...DIT-REPAIR

LIVE Webinar Coming Soon!

I would like more information if you don't mind willing to invest in this information.