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TechnoratiPost tagged with Business Bad Debt
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Duluth/Gwinnett CPA: Is Debt Forgiven to Me Taxable?
April 29th, 201205:12 PM ETBy John DillardGwinnett/Duluth CPA on Canceled Debts If a debt that you owe is in a way canceled or forgiven, not being a gift, you must add that amount into your income when you prepare your personal income taxes. If the canceled debt is canceled because it was a gift then you do not report/include the amount in your income. The IRS determines debt as an indebt...
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John Dillard, an author and Certified Public Accountant, serves HIM by serving you with his expertise in this blog... one tax return at a time!
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John Dillard is an author and Certified Public Accountant. To See how he takes Christ along with him to work visit www.HisCPA.com
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