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Sunday, September 27, 2009

Tax Consequences of Forgiven Debt

Tax Consequences of Forgiven Debt

The repercussions of forgiven debt:

With times they way they are, many families are finding ways to get out of their debt. Be it filing bankruptcy, or some other means. But are people thinking about the consequences that such actions cause? If they are not, then they definitely may have some regrets come tax time. When a lender forgives a debt of more than six hundred dollars, it is mandatory that they file a debt cancellation form.

However, not all forgiven debts are the same. For example, if the forgiven debt stems from a bankruptcy and meets certain requirements, then the person doesn’t not have to claim the forgiven debt on his/her taxes. There are a few other exceptions to the normal procedures following forgiven debt, such as meeting the IRS definition for insolvency. Also, a student taking on a certain form of employment may be excused from filing taxes on a forgiven debt.

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