Forgivness of debt - Posted by michael


#1

Posted by Irwin on December 22, 1998 at 07:37:24:

It’s a 1099, but before you do any “bad debt” write offs on your taxes, check it out with a CPA. It might not work the way you think it does.


#2

Forgivness of debt - Posted by michael

Posted by michael on December 21, 1998 at 21:54:39:

I had a tenant a couple of years ago that owed me $1000 after a full eviction. I have had access to the DMV and found that this tenent is a deadbeat and I cannot garnish wages. Can someone please tell me the IRS form to send them to forgive them of their debt and write it off on my taxes?
Merry Christmas
Mike


#3

Maybe U Can’t Garnish, try bank account instead… - Posted by raelynn mitchell

Posted by raelynn mitchell on December 22, 1998 at 23:56:02:

I had a friend who was a skip tracer. He told me some interesting things about how they located people’s assets, bank accounts, etc.

One of his favorite tools was to give the person $10.00 or less. Here’s how:

File a fictitious business name, either by you the individual or a corporate entity. Make the company sound like it can either be a rebate or a type of “assurance” company (using the actual word “insurance” is a no-no). Something like National Assurance, or Young Assurance, or…? Open a bank account with this DBA and arrange to have the actual checks returned to you, not copies. If you know where this person currently is, send them a check for $3.59, for instance. Most people will deposit this check into their checking account along with any payroll or other check because cashing it at a check cashing place costs too much in relationship to the amount of the check.

You now know where they bank, the account number, and other items you need to know in order to get money from them, something for that judgement to attach to.

Don’t know where they are? Send the check to the last known good address, marking the outside of the envelope POSTMASTER: DO NOT FORWARD, ADDRESS CORRECTION REQUESTED. They will write the address on the envelope and return it to you. Possibly one of the best ways to spend 32 cents. If they’ve forwarded their mail at the post office, you’ll now have their new address.

Hope this helps.

raelynn