Demetrius J. Karos, Ltd. Tax Representation From A Former IRS Employee

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Posts tagged "forgiveness"

Debt Cancellation is Not Tax Free

A Bank might be forgiving but the IRS is not. When a debt is forgiven or lowered, there might be a reportable income event with such forgiveness. Our US tax system treats this as income required to be reported in the year the debt was forgiven or modified. There are a few narrow exceptions but failure to report this type of income could cause major havoc a few years later.

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