Debt Forgivness :: HIS CPA

Post tagged with Debt Forgivness

Is Debt Forgiven to Me Taxable?

April 29th, 201205:12 PM ET

By John Dillard

Gwinnett/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...
Mortgage Forgiveness Debt Relief Act and Debt Cancellation

January 20th, 201211:06 AM ET

By John Dillard

Atlanta CPA: Mortgage Forgiveness Debt Relief Act and Debt Cancellation If a scenario exist in which you owe debt to an individual or entity and they forgive or cancel it the debt could be a taxable amount. In 2007 Congress passed the Mortgage Debt Relief Act allowing taxpayers disregard debt from their total income from the principal...

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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
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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