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Does the IRS Tax Money Saved From A Debt Settlement


General discussion on the issues regarding taxation of debt that is forgiven or canceled. The IRS does consider canceled debt as taxable income, unless the consumer qualifies for an exception, like the insolvency exception (ie the consumer has more liabilities than assets – they are broke).

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One Response to "Does the IRS Tax Money Saved From A Debt Settlement"

  1. nancyllang says:
    Due to the recession credit card companies are now offering bail-out programs. To see if you qualify, visit us at debt-freesolutions.blogspot.com

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