‘Insolvency’ Category

Insolvency Exclusion Used With Other Exclusions

People often will qualify to exclude debt cancellation under multiple exclusions.  This often happens when the taxpayer qualifies in part under the Mortgage Forgiveness Debt Relief Act (the “Act”), but they have additional debt cancellation that related to a second mortgage or a cash out refinance. This cash may have been used to buy a [...]

 

Posted in Cancellation of Debt Income, Insolvency | 4 Comments »

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