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Is Forgiven Debt Taxable?
Williams Kunkel
/
October 20, 2015
/
Tax Planning and Preparation
,
Uncategorized
Generally, debt that is forgiven by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and sometimes, student loan debt. When that debt...
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