Are chargeoffs usually reported to the IRS, resulting in income to you that you are taxed on. I understand the credit card companies are required to file a form. Any experience with this? One debt reduction company told me the credit card companies won't waste their resources on this.
I had a furniture store do it for a $300 balance. If it is over so much money, you have to list it as income. Luckily, they didn't report to the CRAs.
