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    astralplane1's Avatar
    astralplane1 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 1, 2008, 02:16 PM
    1098-T File with Taxes or Not
    Negotiated credit card debt... Creditor Filed a 1098-T to IRS... indicating forgiven debt was income. (More like pure 30% plus interest and fees that I had been paying for more than 5 years)...

    There is all kinds of small print in the IRS docs regarding 1098-T... e.g. if insolvent, if under $600 (mine is more).. if, if, if...

    Just trying to determine the "basis" of whether to include in 2007 taxes... Also read (here) that it is the 'discretion' of Creditor to determine whether to issue a 1098-T... don't understand how this can be... e.g. some receive some don't... if so how does IRS determine "basis"...
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 18, 2008, 11:06 AM
    Form 1098-T is used to report tuition paid by college student.

    The correct form is Form 1099-C.

    Given these facts, you should get professional tax help, as it obvious that you are in WAY over your head!
    astralplane1's Avatar
    astralplane1 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 18, 2008, 11:38 AM
    Just an FYI... for those with a similar question... I did just that... got a CPA / Tax Accountant... he stated that the IRS is currently looking at ANYTHING that states income... and I better put it in may taxes... so reluctantly I did... :(
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 18, 2008, 12:10 PM
    Smart choice.

    No one knows everything! Anyone who thinks he does is a fool.

    The wise man knows what he does NOT know, and get help in such circumstances.
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