Message Font: Serif | Sans-Serif
No. of Recommendations: 0
What does one do if he cannot afford to pay his income taxes?

I got involved in a conversation with a relative yesterday. He barely makes enough to get by on and has no extra money whatsoever. He was divorced a number of years ago and a lot of credit card debt was one of the issues. It was never paid off by either party.

Yesterday in the mail, he received a 1099-C form stating that a credit card balance of more than $10,000 had been written off and that he now has to pay income tax on that amount. There's no way he can afford to do so.

Does he have any options?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.