1 Jan, 2018 → by ClaimboUser422122
Over charge of taxes on repo
*SOLVED
2
About 7 yrs ago my son needed a car and we found a nice Pontiac GP and due to his age I had to co sign for the loan. Well long story short, the car got repossessed and the car was resold by the bank. About 1 yr ago both my son and I recieved a bill from the IRS for $600+ in regards to this car. Now while I understand what the $600+ was for (taxes on the added income from the remaining balance on the unpaid loan) but how the hell are they allowed to charge both people the same amount of taxes on about $4000 remaining on the loan. I don't know for sure if they are legally allowed to charge 2 people the same amount of taxes. my son has already paid this amount out of his tax return last year so it should not be appearing on my tax record. If anyone knows the truth about this please post something. If I HAVE to pay this bill then I will but I really want to know if they are legally allowed to charge 2 people taxes on a remaining loan after a repo.