A collection said they are going to distribute my collection to the IRS because it be a big truck i turned fund? I had a big truck and could no longer spawn the payments

I had a big truck and could no longer spawn the payments and i turned it back within and they sold it again and the said i have to recompense for the balance that be left and said if i don;t discharge it they where going to dispatch it to the IRS because it is income and i don't know who to turn too

you are stuck paying for the balance after it is sold if they market it for less than you owe. breed pay arrangements

This is permitted. It is still your liability to pay the difference even when the vehicle is sold and at a lower price. There is not a soul you can turn to because you've agreed on the terms and conditions when you signed for the truck. Discuss beside the collection to allow for instalments.

You work it out next to the IRS.

When companies forgive consumer debt, the debt is income. Suppose you ring up $20K in credit card debt and later can't pay. The company can, after attempting to procure the $$$ from you, give up and write it rotten. They then report it to the IRS, who considers the $20K as income to you (you get $20K worth of stuff and didn't pay for it).

they can dispatch thsi info into irs, and irs will send 1099 at import tax time. i forget all the rules in a minute, but its legal!

Answers: What they do is they write off the remaining match that you owe them. The IRS has ruled that if a debt is written bad, it then become income to you so you'll get a 1099 subsequent year with anything the amount was and you own to claim it as income on your taxes and pay income taxes on it.

Yes, it's court. Whoever said it wasn't, is wrong. Read article on link below.

FOR ONE THING , THE IRS CAN ONLY TAX YOU ON WHAT YOU MADE TRUCK DRIVING.THEY CAN'T TAX YOU FOR TURNING YOUR TRUCK IN TO BE SOLD.NOW AS FOR WHAT YOU OWE ON THE TRUCK ,YES YOU DO HAVE TO PAY IT BACK.OR YOU CAN DECLARE BANKRUPTCY WHICH YOU DON'T PAY BACK, BUT YOUR CREDIT IS RUINED FOR 7 YEARS FROM THIS.