QUESTION
If I was given debt forgivness and i still own an atv, does this make it mine as long as I file a 1099?
Asked on Mar 14th, 2019 on Debtor and Creditor - Texas
More details to this question:
I bought an ATV and was making payments on it, I owed 5k out of the 12k the loan began at. I received a 1099 saying my debt was forgiven and to file with IRS. I have done so. Does this make the ATV mine now?
1 ANSWER
2 Awards
In order to assure you have title to the ATV, you need the following:
A certificate of title or manufacturer's statement of origin signed over to you.
A signed application for title.
An ATV bill of sale.
Proof of vehicle identification number (VIN).
A notarized lien release, if applicable.
Proof of liability insurance.
An application fee.
Use these documents to register the ATV in your name with the Texas DMV.
Answered on Mar 17th, 2019 at 9:15 PM
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