Top 10 Cancellation of Debt Questions & Answers
July 5, 2009 by admin
Filed under Cancellation of Debt Income, Cancellation of Debt Questions
I speak to folks everyday who are losing their homes by foreclosure or are going through a short sale. I have posted here my top 10 questions that I am asked regarding the tax impact of the transactions (including cancellation of debt).
1. What is cancellation of debt?
If you borrow money to buy a home and [...]