Showing 1 to 1 of 1 results
forbes.com
🌐 75% Global Worthiness
Tax Implications of Canceled Debt: Exceptions and Exclusions
When debt is canceled, it's often taxed as income; however, exceptions exist for gifts under $17,000, mortgage debt relief up to $750,000 (2021-2025) on a primary residence, bankruptcy discharges, insolvency, and disputed debts, though complexities and IRS Form 982 or 1099-C filings may apply.
Tax Implications of Canceled Debt: Exceptions and Exclusions
When debt is canceled, it's often taxed as income; however, exceptions exist for gifts under $17,000, mortgage debt relief up to $750,000 (2021-2025) on a primary residence, bankruptcy discharges, insolvency, and disputed debts, though complexities and IRS Form 982 or 1099-C filings may apply.
Progress
40% Bias Score
Reduced Inequality
Showing 1 to 1 of 1 results