Ask The Tax Resolution Expert – How You Can Avoid Paying Taxes on “Cancellation of Debt”
Monday, October 26th, 2009Got a question for our tax expert? Call our office at 1-866-IRS-PROBLEMS or visit www.taxresolution.com
As many Americans have lost their homes due to the real estate crash, some are wondering whether they can avoid paying taxes on “cancellation of debts” like the one below.
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Question: We own a 2001 Monaco Windsor Motor Home. Current market value is approximately $95,000. We owe approximately $155,000 on this vehicle. For tax reasons it is treated
