Taxation Of Forgiven Indebtedness and the Mortgage Forgiveness Debt Relief Act Of 2007
Taxation Of Forgiven Indebtedness and the Mortgage Forgiveness Debt Relief Act Of 2007 Taxation of Forgiven Debt Generally, if you owe a debt to a lender and the lender cancels or forgives that debt, the cancelled amount may be taxable. The theory is that the money you received when you borrowed it was not included…