form 982 and bankruptcy: Richardson TX - When Forgiven Debt Can Be Excluded From Income - 12/25/19 12:08 PM
In general, if you borrow money and you are legally obligated to repay that debt at a future date, if that debt is forgiven in full or in part, the cancelled debt becomes income to you. However, there are situations that tax law permits you to exclude the income from your tax return. Did you know that? If not, neither do most of the taxpayers who come from our Richardson, TX tax office.
 
When debt is forgiven, the lender of the debt will typically send a Form 1099-C to the taxpayer who had the forgiven debt. The taxpayer is then required … (0 comments)

form 982 and bankruptcy: Richardson TX - Cancellation of Debt. Is it Income or Excludable? - 07/20/19 10:32 AM
You probably know that if you borrow money, and you are legally obligated to repay that debt at a future date, and the debt is either forgiven in full or in part by the lender, the amount of cancelled debt must be reported as income on your tax return. However, did you know that there are situations where the law allows you to exclude the amount from your gross income? There are many taxpayers who come into our Richardson Texas office that are not aware of those potential exclusions.
 
When debt is canceled, the lender may send a Form 1099-C that identifies … (0 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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