Bankruptcy

[Strobehn]

I live in Oregon. I let a vehicle go back 7-8 years ago after my husband passed away, as I could no longer afford the payments. My question is, could the IRS come after me years later and make me pay a tax on that vehicle, after it was auctioned off?

 

[Strobehn]

I live in Oregon. I let a vehicle go back 7-8 years ago after my husband passed away, as I could no longer afford the payments. My question is, could the IRS come after me years later and make me pay a tax on that vehicle, after it was auctioned off?

 

[adjusterjack]

What tax? I can't imagine the IRS having anything to do with it. Have you gotten a notice from the IRS about anything?

 

[LdiJ]

I live in Oregon. I let a vehicle go back 7-8 years ago after my husband passed away, as I could no longer afford the payments. My question is, could the IRS come after me years later and make me pay a tax on that vehicle, after it was auctioned off?

If the creditor issues a 1099C and you cannot have the 1099C excluded or partially excluded due to insolvency (debts greater than assets at the time you stopped paying the loan) then yes, you would have to pay tax on the amount of the loan that was cancelled (whatever was left after the car was auctioned off).