A 1099 tax issue

[peter@amakyaMember]

Has anyone got some sound advice?

[steveoParticipant]

Peter,

I asked this very question to an attorney a few months ago in Raleigh NC…

Conversation was centered around the “Non-deficiency Judgment” status of NC – without getting technical or detailed on THAT topic –

Attorney was spouting off code and precedent left and right about Can’t get your loaned money back or your lost owner financing losses back in judgement, blah, blah, blah…so – I asked him;

What if the money is NOT loaned directly for or secured by Real Estate – but instead is provided as a promissory note secured with Personalty (big car or Harley) and filed at the courthouse (UCC 1, etc.), can we pursue a defaulting party in that transaction for money owed?

[steveoParticipant]

Oh man…you just said

Sound advice and Simple answers

Peter – I apologize….open mouth, insert foot.

Mmmmble,….mmble…

Have a great holiday season everyone…

Steve O

[corkhornerParticipant]

So Steve

You’re getin more slack than I do with my Left Handed Gibbereze.

I gotta tell ya I would have to stay up all day to rewrite that liar [whoops --lawyer]

[bill_gattenParticipant]

SIMPLE VERSION: You can send a 1099 to anyone for any income taxes that you would have pay if you didn’t send the 1099…for moneys paid out to another.

Would it stick under audit?

[peter@amakyaMember]

Thanks Bill.

[Author]

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