Debt Relief | 2008 Taxes

Category Archives: Debt Relief

IRS Tax Consequences If A Creditor Forgives Your Debt

August 10, 2010 – 10:32 pm

If a creditor writes off your debt, or even if you settle that debt with your creditor, the IRS may still count the amount as taxable income. If you work out a deal to settle with a creditor for any less money than the exact amount that you owe, or if the creditor writes off [...]

By Steve | Also posted in irs, tax planning, tax return, turbotax | Tagged forgiven amount of the debt, forgiven debtor, irs debt, IRS Tax Consequences, Paying Taxes, Turbo Tax Federal Free Edition | Comments (2)

Debt Forgiveness and Mortgages

March 8, 2010 – 1:44 pm

If you had all or part of a mortgage forgiven during the last three tax years, you may be able to avoid paying taxes on the forgiven mortgage debt. A law passed in 2007 called the Mortgage Forgiveness Debt Relief Act allows otherwise taxable mortgage forgiveness to be tax free up to $2 million dollars.

By Steve | Also posted in Tax Preparation, irs, tax credit | Tagged 1099-C, 2007, debt forgiveness, foreclosure, form 982, mortgage, restructed mortgage | Comments (1)

Tax Relief – 411 Tax Relief

March 1, 2009 – 9:01 pm

If you own back taxes and need to settle IRS tax debt, 411 Tax Relief has the services you need. Remove wage garnishments, stop additional penalties and interest, and avoid seizures of valuable assets.