Comments on: How Strike Debt is resolving the taxable-income issue A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: carliegnarly Fri, 21 Dec 2012 19:34:27 +0000 Some people just like sticking a craw in good intentioned folks’ actions. They won’t do anything to help and they will try to stand in the way of those who will. If they had bothered to actually read strike debt’s announcements, they would have known that they’ve always had law advice. Even practiced with a few measly dollars first before going all out. I feel sorry for them, living in fear like that. Must eat at them when they are proven wrong….that’s why he had to add all these caveats in the story instead of just accepting that he was wrong and this is GREAT!
And even if they were right………..the taxes on the debt would still be far less than the debt itself DUH! SMDH!
yes, please let me owe 50K in medical bills instead of 5K in taxes, please please…….whatever!

“The one who says it cannot be done shouldn’t stand in the way of the one doing it”

By: TimWorstall Tue, 18 Dec 2012 21:57:07 +0000 “Strike Debt says their lawyer has been involved for months”

Err, yeah.

Actually, when they announced the thing they pointed out that tney’d got the tax sorted out. And, erm, you linked to my post pointing out that they’d got the tax thing sorted out (although you did also say that I was “sneering” or have I misremembered the insult?).

This is actually the whole point. The owners of the debt, the credit card/whatever companies cannot cancel the debt without sending out that 1099-C.

And I’d wager that you cannot buy the specific debt of a specific individual without triggering that provision. But the IRS is entirely clear on this. A gift is a gift. Forgiving the randomly acquired debt is a gift. QED.