Back, at Politics & MoneY, and had something short, for my reader's: Credit is not taxable.. To put it straight forward: Tax 'credit' is tax deduction (reduction of debt).. How can you be 'granted' that status? Well, words after your signature like, "credit only in exchange on account" make's perfectly good, sense.. You keep those checks and when putting in your supposed 'taxs', you claim ALL of the checks as deductibles..
But, remember: All debt (written off) isn't GOOD debt (increased by 'forgiveness'). The power of a 'forgived' debt is as good as a consumer "selling" your debt from the agency, alleging the debt to another debt collector with, the alleged, account (e.g. credit company 'forgives' 3rd party and IRS, tax's it as deductible, UNpaid).. Their are several 'traps' they bait-&-switch to INCREASE their profits (so, watch out!)
The Man- Politics & MoneY