I sued a creditor for non PP of credit report. The legal department called today to settle. I was told they would send a w-9 form to fill out, because I have to claim the settlment money as income. Is this true? This is the first small claims law suit so I was not certain about the w-9. Thanks!
I got 1099-misc's from 7 creditors whom I sued last year..I had to claim it as income unfortunatly..but I wrote off the majority of the settlements with "fees and expenses"
You should be able to "OFF-SET" the income...with any or all that apply... 1) CAR RENTAL 2) AIRLINE TICKET 3) GAS MONEY 4) TIME OFF WORK 5) DAY CARE 6) FILING FEES 7) LUNCH 8) ???? UNLESS THEY PAID ALL THESE EXPENSES.
Even if you pay tax on you're still ahead. You should be able to create enough expenses in order to offset the income. Court fee's, gas, postage etc. can easily add up.
1*I sued a creditor for non PP of credit report. The legal department called today to settle. I was told they would send a w-9 form to fill out, because I have to claim the settlement money as income. Is this true? This is the first small claims law suit so I was not certain about the w-9. Thanks wondergirl ============== ================== 2*I got 1099-misc's from 7 creditors whom I sued last year..I had to claim it as income unfortunately arobinson ===================== 1*and 2* are 2 different situations. No.1*is a penalty levied against the creditor for violation of law. No2* is a write off of the creditor given to the debtor. THE END ** *** ** LB 59
