‘Forgiveness of Debt’ Category

Mortgage Debt Cancellation and the Insolvency Exclusion

Easy Plugin for AdSense by Unreal Considering the all the foreclosures and short sales, taxation of debt cancellation continues to be a significant issue.  There are many misconceptions regarding the tax consequences and still many concerned taxpayers.  The tax consequences can be severe, so people need to make sure that they are educated on the […]

Disclaimer: To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant.