What is the name of your state (only U.S. law)? TEXAS.
How do you determine insolvency? I negotiated a deal with 3 creditors to pay off a bal. Mounting medical bills were killing me. I am told now that I have to submit a 1099 and pay taxes on bal that was written off. If I can prove insolvency would I not HAVE to pay those taxes? I owe more than I make on a monthly basis even prior to negotiating with creditors. So again, do I send in 1099's or do I need to prove insolvency and not send them? I am not trying to avoid my taxes just trying to be sure of my rights.
Thank YouWhat is the name of your state (only U.S. law)?
How do you determine insolvency? I negotiated a deal with 3 creditors to pay off a bal. Mounting medical bills were killing me. I am told now that I have to submit a 1099 and pay taxes on bal that was written off. If I can prove insolvency would I not HAVE to pay those taxes? I owe more than I make on a monthly basis even prior to negotiating with creditors. So again, do I send in 1099's or do I need to prove insolvency and not send them? I am not trying to avoid my taxes just trying to be sure of my rights.
Thank YouWhat is the name of your state (only U.S. law)?