Personal Debt-Information On Average Personal Debt, Personal Debt Consolidation Loan, Personal Debt Consolidation

Duh asked:


What percentage of the personal income taxes collected in the US does nothing but pay the INTEREST on the national debt?? I’ve heard that 100% of the individual taxes we pay is used for nothing more than paying the interest in the national debt!! Is that true?? If that is true, then why isn’t that being made known to everyone?? Seems like that one fact alone would cause a ‘revolution’ that would put a stop to such nonsense and inspire radical changes in our entire system!!!

Rodrick Yap

Neither Republican nor Democrat asked:


ago, needs to do a short sale on it – or it may become a foreclosure. What time period is it that the IRS will say it’s his personal residence for that debt forgiven legislation that just passed that says the IRS will not 1099 him if it was his personal residence?

Tenesha Pullano

scammed:-( asked:


What personal information would I need to give to a company in order for them to contact the IRS about my tax debt?

Manual Mosier

Sweetie asked:


with the past tax debt also in my name, we are paying monthly to settle that. for the future should I file separately to keep myself apart from his business. I work part-time and have my taxes deducted but will this hurt me b/c I will have no deductions.

Hanna Fenske

Renne asked:


If I have signed documentation on a personal loan can I deduct it as bad debt? Also, if the amount is $10,000.00 can I deduct it over a period of three years, considering the maximum amount allowed is $3,000.00?

Delmar Bartolet

Steven M asked:


On June 6, 2003, Susan Stewart, one of Bernard’s stylists, left town to get away from a troublesome ex-husband. To help Susan establish a business elsewhere, Bernard loaned her $5,000. Susan signed a note dated June 4, 2003, that was payable on demand and provided for 5% interest. On October 5, 2006, Bernard learned that Susan had just been declared bankrupt and was awaiting trial on felony assault charges. Bernard has never received any interest on the loan.

I think this is personal bad debt. Is it fully deductible in 2006 though? I also think it would be a short-term capital loss, so if it is fully deductible then only $3,000 would be deducted in 2006. Is this right?

Lastly, where on the tax form is such a deduction reported?
Where in turbotax is this reported?
Bernard loaned Susan the money so she could start a business of her own.

Marc

Zero1 asked:


???

Steve Jobs