futurehomeowner?

is there a love button that I am missing or do you have to go through the messages and ask for one?

So I just finished going through Turbotax. The main difference that I see is if you file a 1099 as a miscellaneous 1 time income then it is just entered as regular income and taxed accordingly. If you file it as a self employment 1099 then you have to pay self employment tax as well. I guess as it is I am going to just redo it that way and get most of the money back. If I could get the JDB to redo the 1099 and send it to the lawyer I would save a little bit but there is probably a slim to none chance of that happening. Thanks guys/gals for the info.

Agreed. That is how it should be handled. File an amended return and get your money back. Do it quickly. The SOL is two years on an amended return. wow I had no idea there was a SOL on it. I am looking at it right now and if turbo tax allows me to do the self employment thing then I will see if that will fly.

When I questioned the lawyer in 2013 about it he basically said the same thing. However I didn't think you could consider this self empoyment income since it was a 1 time thing. I am going to refile the 2013 claim which is kinda what I am trying to figure it out right now. It may be worth it to talk to an accountant about it but I wanted to hear other experience first so I knew what I was talking about with the accountant.

I know this isn't credit related but I was hoping people in here would have experience with this since we all talk about suing this JDBs all the time. Note: Because I signed confidentiality agreements I am not listing who the lawsuits were against and the amounts are not the right amounts but the % of money taken by lawyers is the same. In 2013 I sued a JDB and reached a settlement. Since we reached a settlement they did not pay the lawyer fees like they would if they lost in court but of course the lawyer took his nice chunk out. We settled for $18,000, lawyer took $10635 and we received $7365. In 2014 when we received our 1099 it was sent to the lawyer but it had my name on it instead of the lawyer. It was for the full amount of $18000. The lawyer emailed it to me along with a listing of his fees that I could use on my taxes as expenses. In 2014 I sued a different JDB and reached a settlement. The amount was for $24,000, lawyer took $12,000 and we received $12,000. Last month the 1099 was sent to my lawyer with his name on it for $24,000. He sent me a 1099 for $12,000 and we paid taxes accordingly. After I did my taxes last week I realized that these 1099s were handled differently. In 2013 we had no expenses other than the lawyer fees so we take the standard deduction. We ended up having to pay taxes on the entire $18,000 which means we basically paid more in taxes than we received. This just doesn't make sense to me. Should the lawyer in 2013 handled the 1099 the same way as the one this year?

congrats on the house and thank you for the update. I think I may have asked before, but why did you chose to go through them? Your stats don't seem horrible so I would think you could have gone with other lenders. I avoided mortgage insurance by using PHFA in PA. Rate was a little higher but no MI. I would think there are others out there to.

I guess that makes sense. I was thinking people received a bill and then paid it off. I am more concerned about making the processor happy because they gave me a crappy limit and said no on recon. Probably due to my huge app spree. I wanted to make sure they liked me so I could get a CLI in a few months. BTW, it is Barclays Arrival card

Say I have a statement balance of $100 due on 12/02 but on 11/20 I made a purchase for $200. When I make my payment on 12/02 should I be paying just what my statement said ($100) or the entire account balance ($300)?

What he said. Why care about score. Money > fico

Not true. We closed on 10/20/14 and it has been on my reports for a week already.

I would recommend apping for a card that has a 0% balance transfer and transfer some of that huge balance away from that card. You are paying a ton of interest on that money. Maybe a Chase freedom or slate?

Just installed the APP. I am glad I started this thread. This will take all the thinking out of which card to use. Thank you Amanda for posting that.

It was for Double day book club from 1999 for $60 but they are willing to settle for $30. HAHAHAHAHAHAHAHAAHAH Next BMG and columbia house are going to be calling.

Good luck with your journey. It is going to be a rough and bumpy one but stay the course. Only thing I can offer is that Merrick will not PFD.

hmm that is interesting how they have a card that seems to link all of your cards to that one. You carry 1 card instead of 10.

Now that I have just completed my app spree I am feeling overwhelmed on which card to use when shopping or paying bills. Does anyone have a good spreadsheet that they use or any suggestions on how to keep them straight so I get the best rewards? I now have 14 cards and most give some kind of reward. Freedom is killing me because they have specials where you get a better reward at a specific place for the month. I just bought a bunch from JC Penney and didn't realize this month they give 5% on JCP purchases. FML.

The Master ''850'' Thread..... The Master Graphs Thread

Don't forget about "The Work Number" which was acquired by Equifax in 2007 when they acquired TALX Corporation. If your employer reports to them, then your creditors can find your total correct compensation in great detail. Yes, but how many employers do that. lol It is my understanding that few employers report to the credit bureaus. Just saying... Has this become an "Is it right or otherwise ok to fudge numbers" thread? Really.... "containing 190 million salary and employment records covering more than one-third of U.S. adults". http://www.nbcnews.com/business/consumer/exclusive-your-employer-may-share-your-salary-equifax-might-sell-f1B8173066 If I had to make a guess I would say that few employers use it but the ones that do use it are the big ones like Walmart, Target, and McDonalds. ETA: I just went to their website and they have a different number. How many records are on the database?

On your other question, BOA has nothing to do with it anymore. Once they sold it they have no rights to collect on it. Is the BOA listed with a $0 balance on your reports?

GR8, what state are you in? Did you appear in court, or was it a default judgment? If you were sued for $5500, don't forget about pre and post judgment interest.

Now I am bored with credit. I open my spreadsheet looking for something to do and there is nothing. What a terrible problem to have /sarcasm

The only good thing about it is that I have a orchard bank card that has a $149 limit so now my tracker says $67,550 limits, I was going to cancel the orchard the other day but if I do that then my tracker will say $67401 which will drive me nuts. That's a relief! Your Orchard Bank card is with Cap1 now, correct? You need to contact the Cap1 EO for a CLI. Mine started out at $300 and is finally up to $4K. Oh wait I said Orchard. It is actually Emblem.

The only good thing about it is that I have a orchard bank card that has a $149 limit so now my tracker says $67,550 limits, I was going to cancel the orchard the other day but if I do that then my tracker will say $67401 which will drive me nuts.

I have not, I read that they are inquiry sensitive so I didn't bother trying. Probably should but I am not real worried about it.

I did an app spree last week after our closing. It was such a waste because I didn't look into what the issuers didn't like. I didn't get any denials but some bad limits. There were a few cards I wanted for various reasons. First 1 I got was southwest with a 12k limit (largest limit ever) I then got a slate with a 5k limit. I then did a barclays arrival but had 10 pulls with my mortgage and new accounts and they gave me a huge $700 limit. So anyways, the reason for the thread. I did a few for my wife as well. Her report isn't squeaky clean yet but FICOs are all over 720. The last card I did for her was the Home Depot card. They gave her a $1201 limit. My question if anyone knows the answer is why does the limit end in $1? I am sure it means something in their system but no clue as to what. I noticed that it is run by citi which she had a $4000 charge off many years ago. She also currently has a Best Buy card. Thoughts?