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Robbing Peter to pay Paul? huh California

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  • Robbing Peter to pay Paul? huh California

    For the last several months my brother has been working with his bank trying to get his home loan restructured, it finally went through and the bank reduced the mortgage payments and knocked off $18,000 off the loan.
    Saturday he got a letter from the IRS stating that as a result of having the loan reduced, he now owes them $3,000
    How is that??

  • #2
    Quite normal. All"write offs" whether mortgage, credit card or any other kind of debt is considered taxable.
    I find that the harder I work, the more luck I seem to have.
    Thomas Jefferson


    • #3
      Yep, agree with Morgana. "Write-offs" are taxable.
      Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

      Live in peace with animals. Animals bring love to our hearts and warmth to our souls.


      • #4
        *&[email protected]#*#~?!!!%#!! ing IRS!

        Originally posted by Betty3 View Post
        Yep, agree with Morgana. "Write-offs" are taxable.
        Thanks to you all for responding,
        And, here's the joke of a lifetime

        What do the big banks call "Write-offs"?

        ~ If electricity describes the movement of electrons,
        does morality describe the movement of morons ?
        Last edited by drruthless; 03-07-2012, 06:28 PM. Reason: needed more colorful language..