Techkings

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Legal Advice / Tax Help

homesick

VIP Member
Forum Supporter
In 2004 I had an un-insured auto accident, about 4 weeks ago the state of Ohio said the company had won a judgement against me and that my liscense was suspended and i forthfited my right to renew or register vehicles in the state of ohio. I called the BMV in NH where i currently live and they said i would lose my liscense here as well. So i had two options, file bankruptcy, or pay the debt off. The debt was 20,000.00$ USD. I got the company to settle for 9,000.00$ USD. Now I know the company can write it off on their taxes as a loss, and I will have to pay taxes on it when tax time rolls around next year. My questions is, is I make 33,000.00$ a year. How much will i have to pay in taxes because i settled with that company? Please let me know if i am not understanding this right. BTW this debt has not even shown up on my credit report. Thanks for any input you may have, Homesick.

---------- Post added at 04:32 PM ---------- Previous post was at 04:12 PM ----------

just this one time, kind of important to me..

:bump1:
 
Top