Debt Tax Tips

Subscribe and receive all Debt
tax guides via RSS

Recent Articles

Filing Taxes After Filing for Bankruptcy
Filing an income tax return after filing for bankruptcy does not have to be a problem, as long as you know what to watch out for, including when and how to file. Read more…

Tax Tips for Foreclosures
Understanding the tax ramifications of the foreclosure process can help minimize the financial consequences. There are several possible outcomes of a bank foreclosure, and each will affect your taxes differently. Read more…

How to Report a Foreclosed Rental House on Your Taxes
The IRS requires you to report the gain or loss on a foreclosure on your tax return. Read more…

When to Use Tax Form 1099-C for Cancellation of Debt
In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply. Read more…

Video: Debt Cancellation and Your Taxes Explained
Having your debt cancelled may square you with your creditor, but that debt may still be taxable. This video will help you determine whether you need to report your cancelled debt to the IRS. Read more…


More Debt Articles

Taxes and Reducing Debt Guide to Debt Cancellation and Your Taxes Home Foreclosure: What's Your Tax Liability? Tax Tips for Short Sales How to Avoid Taxes on Canceled Mortgage Debt How Short Sales and Foreclosures Affect Your Taxes

TurboTax Blog »

Get tax tips and tricks, from quick fixes to long term strategies.

Ready to try TurboTax?

Start for Free