Forgiven Debt and IRS Taxes

Forgiven Debt and IRS Taxes

Generally speaking, the Internal Revenue Service (IRS) considers forgiven debt as income. For example, in debt settlement, the difference between the amount you owed and the amount you paid in the settlement is income and is supposed to be reported on your tax return...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close