irs form 982: 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)

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