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IRS and owed taxes

Old 10-24-2019, 09:14 AM
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Originally Posted by houtxfisher View Post
You got out of your mortgage, now you have to pay a fraction of what you owed to satisfy the tax debt and you come on THT looking for a way to skirt that. Then, you have the audacity to call another poster an asshole? Yeah, good luck...
This is more fun than I thought!!

I'm not skirting anything. I asked if anyone has used a tax attorney or a tax agency to help with owed taxes. I know what I owe. I know what I will pay. I find it amusing that they want a certain amount in 30 days.
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Old 10-24-2019, 09:16 AM
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Originally Posted by C3D View Post
OP is a poster child of an American. Borrows more than he can afford, might have spent the money on a boat, then doesn’t pay his debts, makes a lender eat the loss, then bitches about how unfair this whole thing is. Presumably now wants to shirk paying the government for the attendant tax bill. OP, have you considered suing the lender for the tax bill since it’s the lender’s fault?
I swear the judgement coming from everyone here is great!! Here you are PRESUMING and furtunately for you for me you PRESUME wrong.
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Old 10-24-2019, 09:18 AM
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Originally Posted by Rolandt03 View Post
lets talk reading comprehension! or maybe memory comprehension would be better suited? your direct quote from your keyboard below! particularly the part in red?

"Yesterday I get a notice from the IRS I owe a pretty good amount of money because it counted as income. This doesn't surprise me but what I'm more pissed about is I never received anything in the mail in order for me to add it to my taxes. Whatever form they send out I never got. So now I owe over 5 digits in taxes and penalties."
I stand corrected.....you're still and asshole!
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Old 10-24-2019, 09:19 AM
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I was audited years ago and hired a tax attorney. The attorney and the IRS are going to ask for lots of documents for you to prove your point and why your return is accurate as is. My audit started out essentially with a bill from the IRS telling me I owe X amount of dollars and they identified what the extra tax, penalties and interest were for. The attorney was very helpful but it cost me a fair sum of money for his services.... I am not asking you to go into detail on the internet but the amount of money they claim you owe would be the deciding factor that and if they are alleging some kind of fraud....

Good luck.
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Old 10-24-2019, 09:20 AM
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This thread:



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Old 10-24-2019, 09:21 AM
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Originally Posted by simeoncoleman View Post
I stand corrected.....you're still and asshole!
Nice language.
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Old 10-24-2019, 09:23 AM
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Originally Posted by Lorne Greene View Post
Forgiven debt is considered income by the IRS and they reported it to the IRS so they could write it off. It just took the IRS this long to get to you and now you owe penalties and interest. As for the financer company not notifying you, there is really nothing to be done on that front. More than likely you will get stuck into the fresh start program where you pay off the debt over six years.

Start off with a good CPA to review your 2017 taxes and see what he/she can do.
I completely understand this. I had friends that short sold their home and had to pay the amount still owed on the home as income. I expected it. Unfortunately for me I forgot. I was reminded yesterday.

I see by asking a question everyone is a bunch of judgemental assholes and obiviosly all have 8000 credit score and make 6.5 million or more a year. Except me of course.LMAO
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Old 10-24-2019, 09:24 AM
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Originally Posted by Mckee4Me View Post
Nice language.
I'm sorry, did I hurt your feelings?

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Old 10-24-2019, 09:31 AM
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Originally Posted by simeoncoleman View Post
I stand corrected.....you're still and asshole!
i will take " you're still an asshole " for $400 alex!
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Old 10-24-2019, 09:31 AM
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/thread thanks
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Old 10-24-2019, 09:32 AM
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Originally Posted by simeoncoleman View Post
This is more fun than I thought!!

I'm not skirting anything. I asked if anyone has used a tax attorney or a tax agency to help with owed taxes. I know what I owe. I know what I will pay. I find it amusing that they want a certain amount in 30 days.
I find it amusing as well, but likely for different reasons.
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Old 10-24-2019, 09:34 AM
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I too recently received a whopping amount due notice, payable within 30 days. This came in the form of a CP2000 letter. A mistake was made by the IRS, not me. Having to clear up their mistake by providing voluminous documentation, and doing it quickly, was annoying.

Under the circumstances, your anger appears misplaced.
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Old 10-24-2019, 09:34 AM
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im an Ahole because you said your pissed, i mention you being pissed, had to prove you said your pissed, and im an Ahole?

im going to bet meeting with the IRS will go exceptionally well in your case! bet the agent you speak with is an Ahole as well! but i wouldnt tell him that right away!
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Old 10-24-2019, 09:35 AM
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I would sell your boat and pay your taxes that are due in the allowed timeline.
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Old 10-24-2019, 09:37 AM
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Originally Posted by Lorne Greene View Post
Forgiven debt is considered income by the IRS and they reported it to the IRS so they could write it off. It just took the IRS this long to get to you and now you owe penalties and interest. As for the financer company not notifying you, there is really nothing to be done on that front. More than likely you will get stuck into the fresh start program where you pay off the debt over six years.

Start off with a good CPA to review your 2017 taxes and see what he/she can do.
Yep, had a friend who owed money on a car loan. Eventually, he settled for much less than he owed. IRS looked at the difference as income, needless to say he wasn't happy but it is what it is.
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Old 10-24-2019, 09:49 AM
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ABCDEFGHIJKLMN scum bag QRSTUVWXYZ
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Old 10-24-2019, 10:13 AM
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Originally Posted by simeoncoleman View Post
Hi asshole how are you? No where in my post does it say I'm pissed. Your reading comprehension is very bad. Also actually by law YES they are supposed to give you a tax document for taxes owed. I didn't ask them to forgive my loan. That was their decision

As far as my credit goes, my credit is pretty damn good. I also don't need any loans and won't see needing any loans in the near future.

Don't project your idiocy on me. Stick to the question at hand.
The only one “projecting idiocy” is YOU.
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Old 10-24-2019, 10:15 AM
  #38  
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The funniest part of this to me is that if this had happened to the OP in 2017 instead of 2018 he would not have owed any tax. That changed for TY18.
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Old 10-24-2019, 10:18 AM
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Originally Posted by C3D View Post
The funniest part of this to me is that if this had happened to the OP in 2017 instead of 2018 he would not have owed any tax. That changed for TY18.
Karma’s a bitch.
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Old 10-24-2019, 10:23 AM
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Originally Posted by ShellbackCVA59 View Post
Pretty sure forgiven debts are considered income by the IRS. I doubt businesses are required to sent out tax documents, They only notify the IRS the debt was not paid. Same deal with folks getting CC debt reduced or forgiven.
you definitely get a 1099-C when a CC forgives debt thru negotiation...
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