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SEXY MAMI
When you have a debt,do you have to report it to the IRS?
My Friend own $1,167.00
Now she's wonders is she has to report that debt to the IRS?
Please i really wanna help her.
Thanks to all of you! Additional Details Ok i got more details...
She got a credit card for $500 but she hasn't pay anything so now with the interest she got $1,167.00.
Does she has to report those interest to the IRS?
Debts are not reported to the IRS unless the debt is forgiven. Then you would report it as forgiveness of debt income and pay tax on it unless your net worth is still zero after the debt was forgiven.
If the debt is for back taxes you don't have to report it since the service already has a record of what you would owe to them.
prescientone
The IRS does not care about your debt, unless you owe it to them. Debt is not deductible, but the interest paid on it may be
Steve D
IRS doesn't care about your debts unless you attempt to write it off. IRS only cares about interest on debts that you claim as a deduction (mortgages, etc.).
doc_holliday1863
No i never heard of anyone reporting any debt to the IRS it does'nt make sence.
acmeraven
The IRS does not care about your debts; they just want your money.
golferwhoworks
just income
travelguruette
No you do not have to report a debt.
xtraheavy01
SEXY MAMI,
Your friend does not need to report to IRS if you owe money.
If the debt is not paid , the vendor with notify IRS as to debt forgiveness , which becomes taxable to your friend, unless she settles or continues paying.
src50
The IRS only cares that you pay your taxes. They don't care about debts unless it's owned to them.
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