Category Archives: Debt

Canceled Debt – Is It Taxable or Not?

 

Canceled DebtIRS Answers,  ‘Canceled Debt – Is It Taxable or Not?’

US-TaxLaws.com has published the most recent writing from the IRS on the subject of canceled debt.

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.

To read the full article.  


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For more than 30 years R. Patrick Michael has been preparing tax returns for individuals, small businesses, cottage industries and in-home child care providers. Pat is a recognized child care provider tax expert, and has been providing educational seminars for child care providers in San Diego County for the YMCA Child Resource Services for more than 18 years. bluehost india coupon Pat and his team have built a following that is comprised of long-term clients, new relationships and word-of-mouth referrals. Child Care Tax Specialists take care of their clients year-round with tax preparation, business entity creation and support, as well as tax planning for retirement, and estate planning.