Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 4 weeks ago

If i have something on my credit report will that affect my taxes?

10 Answers

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  • Reena
    Lv 7
    4 weeks ago

    No... your credit report is not linked to your Tax Return.

    The only time they will take away your tax return is if you owe child support or you didn't pay tuition and they put a tax lien on you.

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  • 4 weeks ago

    No. Your credit report does not affect your taxes.

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  • 4 weeks ago

    Your bad credit does show up with IRS

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  • Judy
    Lv 7
    4 weeks ago

    generally no but there are exceptions. If a debt is written off and you get a 1099-C, yes it will.

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  • 4 weeks ago

    No

    Your taxes are not based on your credit report.

    Its possible for something to affect your credit AND your taxes. For example if you have a debt that the lender cancels it becomes taxable income and would show up as an unpaid debt on your credit report.

    but the fact that its taxable isn't based on it being on your credit. The tax law says that canceled debts are taxable and it wouldn't matter whether or not it actually gets reported to your credit.

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  • Anonymous
    4 weeks ago

    Items that show on your credit report may or may not have an affect on your tax bill.  You didn't bother to specify what "something" is and we are not clairvoyant.

    I swear I wonder how some people are able to put on their own pants.

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  • 4 weeks ago

    Depends what you mean.  If you have a mortgage, that would show up on your credit report, and the interest you pay from that mortgage could be deductible if you itemize.  Student loans would be another if you qualify and itemize.   That would impact your taxes.  Things like simply getting a credit card or having an account go into collections isn't going to affect your taxes though.  

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  • 4 weeks ago

    Not necessarly . However, if you owe federal debt, child support, student loans or back taxes they can take your refund to pay it.

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  • Anonymous
    4 weeks ago

    Yes.....................

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  • Anonymous
    4 weeks ago

    Not unless its a tax lien.

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