Debt Tax Tips

Recent Articles

How to Avoid Taxes on Canceled Mortgage Debt
If you lost your principal residence to a foreclosure or short sale, TurboTax can help you deal with the tax implications, including recent tax law changes that can offer some relief. 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…

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…

Tax Tips for Short Sales
Understanding how a short sale or restructure will be viewed by the Internal Revenue Service can help you plan your tax situation ahead of time. Read more…

Guide to Debt Cancellation and Your Taxes
If one of your creditors canceled a debt you owe, you'll likely receive a Form 1099-C this year. A number of exceptions and exemptions can eliminate your obligations to pay tax on the canceled debt. Read more…