Debt Tax Tips
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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…
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…
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…
Home Foreclosure: What's Your Tax Liability?
Through 2017 (and in certain cases 2018), exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure. Read more…
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