What Is Canceled Debt Income? - About.com Tax Planning: U.S.
Normally, debt that is forgiven or canceled by a lender is considered taxable income to the debtor. The lender reports this canceled debt both to the individual and to the Internal Revenue Service using Form 1099-C. ... Read Article
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NOTICE REQUIRED BY CALIFORNIA LAW Denise E. Matthis or anyone working for her cannot, IRS Tax Related Issues . On 12-20-2007 the president signed “HR3648 Mortgage Forgiveness Debt Relief Act of 2007” which relieves many homeowners from tax ... Access Content
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From the IRS. Mortgage Forgiveness Debt Relief Act; Canceled Debt (Tax Topic 431) Canceled Debts, Foreclosures, Repossessions, and Abandonments (Publication 4681) Related Articles. ... Read Article
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Whether forgiven or canceled mortgage debt is taxable depends on whether it's acquisition debt or home equity debt. Find out what the difference is, and how to separate out each type of canceled debt. Page 4. ... Read Article
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The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106–102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers ... Read Article
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