Comments on: Ask the Tax Resolution Expert: Canceled Debt – Is it Taxable Income or Not? http://www.taxresolution.com/blog/ask-the-tax-resolution-expert-canceled-debt-is-it-taxable-income-or-not/ Your Complete IRS Tax Resolution Resource Fri, 13 Jan 2012 21:15:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: TRS http://www.taxresolution.com/blog/ask-the-tax-resolution-expert-canceled-debt-is-it-taxable-income-or-not/comment-page-1/#comment-3081 TRS Tue, 16 Mar 2010 02:38:35 +0000 http://www.taxresolution.com/blog/?p=886#comment-3081 Hi Robbie, Thanks for your comment. You can find out more about what you can do by visiting: http://www.taxresolution.com/bankruptcy-and-IRS-tax-liabilities.asp If that doesn't answer your questions sufficiently, I invite you to call our office at 1-866-IRS-PROBLEMS for a free consultation to see where you stand and whether or not your tax liabilities are eligible to be discharged. Best of Luck, MR Hi Robbie,

Thanks for your comment.

You can find out more about what you can do by visiting: http://www.taxresolution.com/bankruptcy-and-IRS-tax-liabilities.asp

If that doesn’t answer your questions sufficiently, I invite you to call our office at 1-866-IRS-PROBLEMS for a free consultation to see where you stand and whether or not your tax liabilities are eligible to be discharged.

Best of Luck,
MR

]]> By: Robbie http://www.taxresolution.com/blog/ask-the-tax-resolution-expert-canceled-debt-is-it-taxable-income-or-not/comment-page-1/#comment-3063 Robbie Fri, 12 Mar 2010 15:32:09 +0000 http://www.taxresolution.com/blog/?p=886#comment-3063 In 2005 I filed chapter 7 bankruptcy, during the proceedings I reaffirmed my principle residence and sold it as a short sale. I had very little money during the next two years. I beleived that because I reafirmed and sold that house in a short sale that I would not be liable for the cancelled debt. In 2007 I received two notices, one from the IRS and one from the state of Utah adding up to approx $22k with penalties and interest. I begged stole and borrowed my may to pay this debt off. I later found out that insolvency was a possible defense to avoid these tax bills. I have paid everything to the IRS but I would love to have that money back if I truly did not owe it. What can I do? In 2005 I filed chapter 7 bankruptcy, during the proceedings I reaffirmed my principle residence and sold it as a short sale. I had very little money during the next two years. I beleived that because I reafirmed and sold that house in a short sale that I would not be liable for the cancelled debt. In 2007 I received two notices, one from the IRS and one from the state of Utah adding up to approx $22k with penalties and interest. I begged stole and borrowed my may to pay this debt off. I later found out that insolvency was a possible defense to avoid these tax bills. I have paid everything to the IRS but I would love to have that money back if I truly did not owe it. What can I do?

]]> By: A Couple’s Canceled Credit Card Debt is Forgiven and Recognized as Taxable Income | Tax Relief Tips from the Experts at Tax Resolution University http://www.taxresolution.com/blog/ask-the-tax-resolution-expert-canceled-debt-is-it-taxable-income-or-not/comment-page-1/#comment-1930 A Couple’s Canceled Credit Card Debt is Forgiven and Recognized as Taxable Income | Tax Relief Tips from the Experts at Tax Resolution University Tue, 19 May 2009 22:29:35 +0000 http://www.taxresolution.com/blog/?p=886#comment-1930 [...] The IRS offers guidelines for exceptions or exclusions in which canceled debts are not taxable. [...] [...] The IRS offers guidelines for exceptions or exclusions in which canceled debts are not taxable. [...]

]]> By: Discharged Credit Card Debt Found Not Excludable from Taxable Income in Recent Tax Case | Tax Relief Tips from the Experts at Tax Resolution University http://www.taxresolution.com/blog/ask-the-tax-resolution-expert-canceled-debt-is-it-taxable-income-or-not/comment-page-1/#comment-1928 Discharged Credit Card Debt Found Not Excludable from Taxable Income in Recent Tax Case | Tax Relief Tips from the Experts at Tax Resolution University Tue, 19 May 2009 22:06:36 +0000 http://www.taxresolution.com/blog/?p=886#comment-1928 [...] In this weak economy, taxpayers have lots of questions about cancellation of debt and taxability. [...] [...] In this weak economy, taxpayers have lots of questions about cancellation of debt and taxability. [...]

]]>