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Your observation reminds me of the http://rollingjubilee.org http://rollingjubilee.org project that buys up consumer debt for pennies on the dollar and then sim
by danboarder 12y ago
Your observation reminds me of the http://rollingjubilee.org http://rollingjubilee.org project that buys up consumer debt for pennies on the dollar and then simply cancels it.
- ncarroll 12y agoI hadn't heard of this project before. Thanks for the link and the heads up.
- nerfhammer 12y agoDoes the debtor owe taxes on amount cancelled?
- scott_karana 12y agoFrom the page: > Will the Rolling Jubilee have to file a 1099-C Cancellation of Debt form with the IRS? No. The Rolling Jubilee will earn no income from the lending of money and is therefore exempt from filing a Form 1099-C under the Internal Revenue Code Section 6050P.
- nerfhammer 12y agoThat doesn't necessarily mean you aren't supposed to report it as income when you file for your tax returns even if they don't file a 1099 for you