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Posts Tagged ‘debt forgiveness law’

Forgiven Debt and Taxes

Being in debt is not pleasant, but when a debt is forgiven, it can be a huge weight off your shoulders. However, you need to consider taxes even when your debt is forgiven. That is because the IRS considers forgiven debt as income, and therefore, charges taxes on it. Taxes charged on forgiven debt are the same as any ordinary income. Usually, if your debt is ...