by Bob Jablonsky | Jan 30, 2020 | Bob Jablonsky and Associates, Business Tips, Cancelled Debt and Taxes, Dallas TX, Debt Forgiveness, Form 1099C, Form 982, Frisco Tx, Garland TX, IRS Assessed Tax, IRS Audit, IRS Collection, IRS Compliance, IRS Debt Relief, IRS Notices, IRS Penalties, IRS Problems, Offer-In-Compromise, Plano TX, Richardson TX, Small Business Tax Tips, Tax, Tax Compliance, Tax Deductions, Tax Problems, Tax Relief, taxes
Two weeks ago, I wrote that there are certain situations which permit the exclusion from Gross Income on a Taxpayer’s tax return, when they are the recipients of debt forgiveness that would typically be taxed. One of the options that permitted exclusion was for debt...
by Bob Jablonsky | Jan 27, 2020 | Business Tips, Cancelled Debt and Taxes, CP2000 Notice, Dallas TX, Debt Forgiveness, Expense Reduction Tips, Form 1099C, Form 982, Frisco Tx, Garland TX, IRS Assessed Tax, IRS Notices, IRS Penalties, IRS Problems, Offer-In-Compromise, Plano TX, Real Estate Agents Tax Deductions, Richardson TX, Small Business Tax Tips, Tax, Tax Compliance, Tax Deductions, Tax Problems, Tax Relief
As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded...
by Bob Jablonsky | Jan 21, 2020 | Dallas TX, Debt Forgiveness, Form 982, Frisco Tx, Garland TX, IRS Collection, IRS Compliance, IRS Debt Relief, IRS Notices, IRS Penalties, IRS Problems, Plano TX, Richardson TX, Tax, Tax Compliance, Tax Problems, Tax Relief
In general, if you borrow money and you are legally obligated to repay that debt at a future date, if that debt is forgiven in full or in part, the cancelled debt becomes income to you. However, there are situations that tax law permits you to exclude the income...