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Debt Forgiveness Creates a Taxable Event

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Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail.

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http://taxes.about.com/od/income/qt/canceled_debt.htm

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Solution Summary

Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail.

Please give your thoughts and comments about this.

http://taxes.about.com/od/income/qt/canceled_debt.htm

Solution Preview

Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail.

Please give your thoughts and comments about this.

http://taxes.about.com/od/income/qt/canceled_debt.htm

Debt cancellations are definitely an attractive option for the cash strapped taxpayer. An individual runs into financial trouble, and can't make their bills. The credit card company ...

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