My daughters car was repossessed in 2020. She told them where it was numerous times. They showed up to get it at her exes, where the car was never kept. They hadn't lived together for five years. He told them where it was, but they never came to get it. It's been at my house this whole time. She came and trailered it a couple of weeks ago and took it to her house. She's getting a lawyer to see what she needs to do. I had never heard of such a thing. I voluntarily turned one over and they went to get it that day. It's very weird.
In general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable, you must report the canceled debt on your tax return for the year in which the cancellation occurred.
Dudes gonna get fricked by the IRS if true. Liable for pretty much everything he hasnt paid to the lender as income which you know hes not reporting to the IRS
All it takes is the lender reporting it and why wouldn't they, its a loss you can likely write off if you're never getting paid and ff the cash ever coming
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EDIT: I have removed the ethnicity of the perpetrator - even if that's just a factual observation - since it's all some comments are focusing on and isn't the point of the post.
I see the poors are pretending to be big wallet niggas again est. 2016
Hello, welcome to 'I see the poors are pretending to be big wallet gangstas again'
This hole exists as a safe space for refugees from the Facebook(MetaTM groups of the same name. Of which there have been several iterations. We mostly exist to poke fun at the state of living in poverty. While it oftentimes is unavoidable, we do aspire to not be meanspirited. Over the years we have co-opted the term 'Peak Poor' to being someone who exudes poverty, regardless of their actual net worth. Trump and Elon both exhibit the peak poor ethos from time to time while still being the top 0.000001%. You can do something peak poor and still be a good person or a generally adjusted one. We all have a bit of poor in us.
We basically fill a niche similar to fatpeoplehate with a bit less actual malice.
PeakPoor is shotgunning mountain dews at 5 years old.
PeakPoor is not people dying of poverty. While technically the greatest heights of poverty is succumbing to it this is not funny, and is a failure
of capitalism. We do not make fun of poverty to be mean spirited such as that.
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Subscribe to this hole, it's important that we get our numbers up. Love numbers = peak poor
Bonus points for making your post title some variation of peak poor. (Pinnacle of Poverty, Prowess of the Penniless)
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Genius play by the lender:
https://www.irs.gov/taxtopics/tc431
Dudes gonna get fricked by the IRS if true. Liable for pretty much everything he hasnt paid to the lender as income which you know hes not reporting to the IRS
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Unreal lol
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All it takes is the lender reporting it and why wouldn't they, its a loss you can likely write off if you're never getting paid and ff the cash ever coming
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You don't realize the income if you're insolvent at the time of the discharge, and you know he is.
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Sounds like a smart financial play to me
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Sam hyde?
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EDIT: I have removed the ethnicity of the perpetrator - even if that's just a factual observation - since it's all some comments are focusing on and isn't the point of the post.
Snapshots:
https://old.reddit.com/r/CRedit/comments/1ggw2w1/i_havent_paid_my_car_loan_in_7_years_i_still_have/:
undelete.pullpush.io
ghostarchive.org
archive.org
archive.ph (click to archive)
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