IRS Answers, ‘Canceled Debt – Is It Taxable or Not?’
Cancellation of a debt may occur if the creditor cannot collect, or gives up on collecting, the amount you are obligated to pay.
If you own property subject to a debt, cancellation of the debt also may occur because of a foreclosure, a repossession, a voluntary transfer of the property to the lender, abandonment of the property, or a mortgage modification.
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