Government refinancing of home loans

Chrissy wrote:

Dreamsglore wrote:

Chrissy wrote:

Dreamsglore wrote:

Chrissy wrote:4 Re: Government refinancing of home loans on 12/27/2012, 7:55 pm
Dreamsglore


Posts: 3189
Reputation: -317
Join date: 2012-06-17

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Slicef18 wrote:
Government refinancing of homes that owe more on the house than it is worth. Or as they say, "being upside down" on the home loan for the house.
Most people are not aware that the difference between the refinanced amount for the home and the amount remaining on the old loan is considered taxable income. Even though one didn't receive any cash. The monies forgiven from the old home loan is what the IRS considers taxable income.


They also consider bankruptcies on credit cards as taxable income

I thought it a good idea to remind all what the whole thing started over. as we can see the legalese of the comment. I realize a re-definition and a subject chnage is wanted by some, but Im having too much fun watching this to allow for a side track.

Thanks for reposting that. It was the original statement and true taken out of context. I think I'll rest my case now.

Not really dreams. as debt forgiveness and bankruptcy are different terms and outcomes.

eitherway, it has been fun and enjoyment watching this back n forth

Bankruptcy Discharge of Credit Card Debt

If you file bankruptcy and obtain a discharge from the bankruptcy court, your credit card debt will likely be wiped out entirely. This is not debt forgiveness
http://www.nolo.com/legal-encyclopedia/will-the-creditor-forgive-my-credit-card-debt.html


You lost the argument on a technicality

As a Waco Bankruptcy Lawyer and a Killeen Bankruptcy Lawyer, I am frequently asked if getting a discharge in a bankruptcy case will make a client incur a tax liability. Under the U.S. Tax Code, if a debt is discharged in a bankruptcy case, that debt forgiveness is not taxable income. However, if a creditor forgives a debt outside of bankruptcy, that is taxable income. Debt canceled outside of bankruptcy creates an income tax liability, but debt discharged in a bankruptcy does not create a tax liability.

http://centraltexasbankruptcy.com/a-taxing-matter-bankruptcy-discharge-vs-debt-cancellation/

Now had you said, debt forgivness OUTSIDE of banruptcy, perhas you would have had a leg to stand on. But you didnt you said bankruptcy.

I am a super googler

I rest my case.

You're not a good thread reader,though. I clarified my statement after citing the debt forgiveness. It was clear what was meant and the use of the term. I will still use the term bankrupt on credit cards no matter what Seaoat says because that is the descriptive term.

Im a very good thread reader. I put that last nail in your post coffin didnt I

See, in seaoat terms, that was a home run for me. But i ate his yummy chocolate crust from the desert he worked so hard for and that wasnt really fair of me. But i couldnt help it. It was just too yummy.

There be better days when you can pretend to be a lawyer. Dont worry. Maybe next week you can play a movie producer online or maybe you were a NASA astronaut and will explain space exploration for us?

Either way, The whole thing has just been a ton of fun.

Dreamsglore wrote:

2seaoat wrote:Nope-you were wrong and won't admit you took it out of context.You made a raging fool of yourself and continue to do so.

So this thread has been how I took something out of context, and not the clear statement you made where you did not understand that no tax is owed on bankrupted credit cards.....you continued to post nonsense about 1099s and other diversions.....until you finally read what I posted and realized you were wrong and began this foolish excercise........if I am making a fool of myself.....boy am I having some fun doing the same.....and look for your next post......this has been great fun.

You are making a fool of yourself. I did bankruptcies. I had one. I know the discharged debt is not taxable. You just keep trying to make something out of something that was not there. Yup-you can keep on saying that but that doesn't make it true.

Dreamsglore wrote:
As about a good as you are a speller.LOL! You should have read through the thread so you wouldn't have posted info. that was already there. Ha! Ha! Silly you but I have to go now to Walmart besides the creepy guy just came on.

TEOTWAWKI wrote:We should change the name of this Discussion group to egotopia

Ghandi wrote:Thank you for the late Christmas present. Is anyone else not suprised that the witch filed for bankruptcy? I guess your legal form company that you owned didn't work out? What a joke.

Dreamsglore wrote:

Chrissy wrote:

Dreamsglore wrote:

Chrissy wrote:

Dreamsglore wrote:

Chrissy wrote:4 Re: Government refinancing of home loans on 12/27/2012, 7:55 pm
Dreamsglore


Posts: 3189
Reputation: -317
Join date: 2012-06-17

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Slicef18 wrote:
Government refinancing of homes that owe more on the house than it is worth. Or as they say, "being upside down" on the home loan for the house.
Most people are not aware that the difference between the refinanced amount for the home and the amount remaining on the old loan is considered taxable income. Even though one didn't receive any cash. The monies forgiven from the old home loan is what the IRS considers taxable income.


They also consider bankruptcies on credit cards as taxable income

I thought it a good idea to remind all what the whole thing started over. as we can see the legalese of the comment. I realize a re-definition and a subject chnage is wanted by some, but Im having too much fun watching this to allow for a side track.

Thanks for reposting that. It was the original statement and true taken out of context. I think I'll rest my case now.

Not really dreams. as debt forgiveness and bankruptcy are different terms and outcomes.

eitherway, it has been fun and enjoyment watching this back n forth

Bankruptcy Discharge of Credit Card Debt

If you file bankruptcy and obtain a discharge from the bankruptcy court, your credit card debt will likely be wiped out entirely. This is not debt forgiveness
http://www.nolo.com/legal-encyclopedia/will-the-creditor-forgive-my-credit-card-debt.html


You lost the argument on a technicality

As a Waco Bankruptcy Lawyer and a Killeen Bankruptcy Lawyer, I am frequently asked if getting a discharge in a bankruptcy case will make a client incur a tax liability. Under the U.S. Tax Code, if a debt is discharged in a bankruptcy case, that debt forgiveness is not taxable income. However, if a creditor forgives a debt outside of bankruptcy, that is taxable income. Debt canceled outside of bankruptcy creates an income tax liability, but debt discharged in a bankruptcy does not create a tax liability.

http://centraltexasbankruptcy.com/a-taxing-matter-bankruptcy-discharge-vs-debt-cancellation/

Now had you said, debt forgivness OUTSIDE of banruptcy, perhas you would have had a leg to stand on. But you didnt you said bankruptcy.

I am a super googler

I rest my case.

You're not a good thread reader,though. I clarified my statement after citing the debt forgiveness. It was clear what was meant and the use of the term. I will still use the term bankrupt on credit cards no matter what Seaoat says because that is the descriptive term.

Im a very good thread reader. I put that last nail in your post coffin didnt I

See, in seaoat terms, that was a home run for me. But i ate his yummy chocolate crust from the desert he worked so hard for and that wasnt really fair of me. But i couldnt help it. It was just too yummy.

There be better days when you can pretend to be a lawyer. Dont worry. Maybe next week you can play a movie producer online or maybe you were a NASA astronaut and will explain space exploration for us?

Either way, The whole thing has just been a ton of fun.

As about a good as you are a speller.LOL! You should have read through the thread so you wouldn't have posted info. that was already there. Ha! Ha! Silly you but I have to go now to Walmart besides the creepy guy just came on.

2seaoat wrote:maybe you were a NASA astronaut and will explain space exploration for us?


No, in defense of Dreams she has never told us she was an expert on space exploration, and she has never intervened in Bob and T's monthly discussion on the moon landing.......she sticks to things she thinks she knows......like folks having to pay taxes on their bankrupted credit cards.......she admitted filing one, and helping people file BKs......I just hope she did not send a check to the IRS for the debt she discharged on her bankruptcy......but in any case hopefully this poor beaten horse subject will let people know that they do not owe taxes on bankrupted credit card debt.....mission accomplished.....but you might ask her where the astronauts kept their waste products.......because that is something she could inject into our discussion today, later in this thread with liens, and reaffirmations.

2seaoat wrote:She probably has to do it every year at this time to pay for all the gifts.


That was an illegal spitter......you have axle grease behind your ear....and you are slopping it on.........

I am looking at a business bankruptcy next fall......I have absolutely nothing I can do to have the FDIC bank takeover change my reality. Dreams showed courage admitting where she had knowledge on this subject. Her courage is rewarded by low blows and axle grease knuckleballs......sorry, filing bankruptcy is not a moral deficiency.....it may be in some cases, but you do not know her circumstances......play tough in the sandbox with her conceptual gaps.....but never question her courage.....she had courage to share that with us, and only a fool would see it as some deficiency in Dreams........If you want to join the discussion with substance.....great....I have been pulling her chain.....but I will defend her when folks are being stupid with personal attacks.

2seaoat wrote:I think that most people already know that.


I agree. Do you think Green Bay is laying down for the Vikings......some strange stuff I am watching......Do not understand why they would do that?......the Vikings are simply not that good.

2seaoat wrote:Best look again.

There was no personal attack given on my part until attacked.


My comment was directed at another poster.....AC/DC.....really?

2seaoat wrote:This has been one really screwed up season.

Agreed.....I really thought NY would make the playoffs with Eli, and at the halfway mark.....I thought the Bears were a lock.....now I am keeping my big mouth shut and hope the Bears get in and go deep......Kind of like Dreams wishful thinking on this thread, but Adrian Peterson is a joy to watch running, and he is less than a 100 yards from the all time record....we may be watching history.

2seaoat wrote:The comment in bold that you used in your comment was mine.

Then shame on you also.....I figured you were just warming up to Dreams:
http://www.azlyrics.com/lyrics/acdc/shesgotballs.html


You gotta agree......she does have balls.......it took courage to disclose what she did.

2seaoat wrote:Is Chicago out if either Minnesota or Dallas win?
Vikings win....Chicago is done.......Chicago already won.....Dallas is done.....at least that was my understanding. NY would have needed Chicago and the Vikings to lose.

Damaged Eagle wrote:

2seaoat wrote:Best look again.

There was no personal attack given on my part until attacked.


My comment was directed at another poster.....AC/DC.....really?

The comment in bold that you used in your comment was mine.

Why not AC/DC?

*****CHUCKLE*****

https://www.youtube.com/watch?v=Xv24N8H1KyI

2seaoat wrote:You are correct......I just have paid no attention to the Cowboys this year....I would rather see the Redskins get into the playoffs.