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Bankruptcy Can Stop Cancellation of Debt Tax

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Bankruptcy Can Stop Cancellation of Debt Tax

09-06-2008, 08:43 PM	#1
Repair Bad Credit Elite Member Join Date: Aug 2006 Posts: 2,121	The IRS considers debt that is cancelled, in full or in part, to be taxable income to the debtor to the extent the financial position of the taxpayer has been improved by the debt cancellation.* This means that a credit card companysettlementcan result in an income tax bill from the Internal Revenue Service.* It is [...] More...

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