pay off a mtg for a friend. Does friend pay taxes on money that went to pay off debt? Assume unrelated.?
443172
The answer is it depends.  B has income, because A has paid off B's debt.  (Old Colony Trust)  However, A & B can argue that it was a gift.  That means that B won't pay income taxes, but A might have to pay gift taxes.\nPart 2: pay off after marriage, because transactions betwen spouses are tax free (income & gift tax).\nPart 3: are too complicated to be answer simply.  You need someone who is a tax attorney to advise you on this.  If not you can find yourself with a big tax bill when you least expect it.
840521
A "charge off" is an accounting procedure.  The creditor has been unable to collect on the debt, so they take it off their books.  By charging off the debt they can get a tax breaks due to the loss.\n\nIt does not mean they are excusing the debt.  They will most likely turn this debt over to a collection agency to continue to try and collect.\n\nOne more bit of info...when a company charges off a debt, they must turn this information over to the IRS.  Your boyfriend will be responsible for the tax "gain".  The creditor is supposed to file a 1099 with the government, and send you a copy.  But many times they don't do this.  When you file your income taxes, it will trigger an audit if you don't declare this income.  \n\nJust something to keep in mind.
24047
does the person owe you money and your putting a lien on thier house to garinty your money, or are you tring to get a house by purchaseing a tax lien on a house.  please be more specific on situation.  you could go to\nhttp://secure.uslegalforms.com/cgi-bin/forms/query.pl?S-C-MA-B-liens|pictures\nto get an idea of the forms and even prchase them there.
875255
You are asking a question that borderlines the unethical.  Bottom line, unless your debt has been legally discharged such as by a bankruptcy court, you owe the money, and they can follow you to your grave literally, by making a claim against your estate when you die.  Live right.
435273
Some credit card companies will write off the debt if you send them a death certificate others will want the payment but if the house is the only asset I would ask a lawyer first.
1028110
I would think pretty unlikely as the filing fee is likely at least $65.00 depending on where you live. He may turn you over to a collection company though and once they tack on months of finance charges and other fees, if your balance gets above $500.00 they will likely sue. Just pay it. It is only $200.00.
509815
Actually he does not incur any of your debts unless you add his social security number to the account. As with his back taxes. The only way they may legally collect from you is by placing a lien against your property that will have to be paid in the event of a sale. Other than that they have no legal course of action.
99835
This is not legal because the wrong amount of money would be taxed. Have your friend work out something with the employer.
678137
Technically no, you don´t - if tax is due (see limits above) it is due from the estate BEFORE anything is paid out to beneficiaries.  So if you have received something, it SHOULD already have been taxed unless there are special circumstances.
542555
Here is how the game is played....\n\nIf you pay off your debt, you still have to deal with that negative report on your credit.\n\nPlacing "paid" on it does NOT remove  negative information such as late fees or that it went to collections.  Those who tell you otherwise are lying or ignorant.  I've counsoled many, many people who made the mistake of paying off debts, hopeing to get their credit improved, only to see it barely helped at all.\n\nThe ONLY person who can edit/delete credit information is the creditor to placed that information there.  And it's very unlikely you will get their cooperation once you have paid the debt.\n\nTherefore, before you pay them a dime, get IN WRITING that they will remove all negative information from your credit report.  Don't pay them a dime unless they do!\n\nRemember, you are trying to fix your score.  Why pay them if it's not going to help you out?  \n\nUse the sample letters below and write a negotiation letter.
530976
There's no hard and fast rule on this. Certainly small amounts of selling your used stuff is totally fine and you won't get any income tax liability. Basically, they already taxed you for the money you used to buy it, and you won't get as much for it as you paid in the first place. However, if you sell enough stuff that it moves from hobby to business, and you sell things online in order to make a profit, particularly if you buy wholesale things and sell them, you are running a business and need to declare the profits.
393925
You will possibly be liable for any taxes that you are responsible for.If this guy is a big enough tax evader, you can get a percentage of everything he owes, sometimes 20%.This could MORE than cover any taxes you owe.The IRS prints out Publication 15 Circular E, that defines exactly what a contractor is, what an employee is, and how much tax is to be withheld. Yes, I would report him. Talk to a lawyer or someone affiliated w/ legal aid at a law school, if you don't have the money to hire a lawyer.Oh, and have a new job ready.
932822
All debts are good to payoff debts. Why would you ask that unless you intended on not paying them?\n\nI write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
311610
It really depends on his situation.  If he has a payment schedule and is at least trying to honor it, you should be okay.  You should file income tax seperate though as his will go towards arrears.\n\nIf he's not at least trying to get caught up, they may garrnish his wages, but not yours.  If he's trying but is just having trouble, the courts are usually pretty cool.  I've been in this situation before, I just sent as much towards arrears as I possibly could and kept my nose clean and always contacted the courts when I was struggling with money.
444581
If your name is not listed on the credit card and you have not signed an agreement with the credit card issuer, then you are not liable to the issuer (the bank) for the money, and they will not and can not come after you for the money. \n\nIf you signed no agreement with the holder of the credit card (your friend or family member) then they have no legal way to obtain ANY of the money from you - the saying goes, "verbal agreements are not worth the paper they are written on"  unless the verbal agreement was witnessed by others then it would be very difficult, if not impossible, to prove in a court of law that the money was anything other than a gift, so in this case you could probably get away with not paying anything. \n\nHowever you do have a moral obligation to pay back the money, you borrowed it in good faith and should pay it back - i don't know the reason why they are asking for it back, maybe the owner of the credit card has lost his/her job and can not afford to keep the credit card open - this is something that you have to work out with them; but is purely on a moral basis, and there is no legal recourse that the person could easily follow to make you pay the money - of course a baseball bat against your kneecap is a good incentive to pay, dependent on the person that you borrowed from of course.
363523
I'm not sure where you are, but here in Georgia it is up to you and the creditor to work it out. \n\nI work in collections and usually when I win the case the judge will allow us to work out the payment plan there and he will write it up and all parties including the judge will sign it. If the customer defaults on these arrangements, then I can get a garnishment or levy with not problem.
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving