Discharged Credit Card Debt Found Not Excludable from Taxable Income in Recent Tax Case
Tuesday, May 19th, 2009In this weak economy, taxpayers have lots of questions about cancellation of debt and taxability.
According to the tax code, if a debt for which you are personally liable is canceled or forgiven, other than as a gift or bequest, you may have to include the canceled amount in gross income. While it’s important to know if your canceled debt qualifies for exclusion from your income, it is also necessary to
