Is the amount I save on each of my settlements taxable?
The amount you save on each settlement can be taxable, if you cannot prove you are insolvent. Many of our clients are able to prove insolvency since their debts are more than their assets. By proving insolvency the forgiven debt is not considered income.
Any debt that is forgiven over $600 or more will be issued a 1099 by the creditor. We do not handle taxes therefore it is important to talk to your tax accountant upon receiving a 1099 to see how it will affect your taxes.
At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.
Latest posts by PCS Debt Relief (see all)