tax and cancelled debt: Richardson TX - Exceptions to Cancelled Debt Being Taxable Income
- 12/28/19 10:58 AM
As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded from Gross Income. Today, we will cover Exceptions to Cancellation of Debt Income. If a cancellation of Debt Income meets the requirements as an Exception, the amounts are not included in the Gross Income of the Taxpayer.
Exception to Cancellation of Debt Income IRS Tax Topic Number 431 identifies the … (0 comments)
As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded from Gross Income. Today, we will cover Exceptions to Cancellation of Debt Income. If a cancellation of Debt Income meets the requirements as an Exception, the amounts are not included in the Gross Income of the Taxpayer. 
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