Debt Tax Tips

Recent Articles

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…

Home Foreclosure: What's Your Tax Liability?
Through 2025, exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure. 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…

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 Short Sales and Foreclosures Affect Your Taxes
If you engage in a short sale or your mortgage lender forecloses on your home, there are some important tax implications that you'll want to consider. Read more…