Question: My wife and I filed for bankruptcy protection last year to get out from under an overwhelming amount of credit card debt. Will we have pay taxes on any forgiveness or cancellation of the ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas ...

A lot has been written about forgiveness. Perhaps Mark Twain described it best: "Forgiveness is the fragrance that the violet sheds on the heel that has crushed it." But for our purposes, Oscar Wilde ...

Key Points ・The federal tax exemption for income-driven repayment (IDR) student loan forgiveness expires after December 31, ...

・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable income. ・If forgiveness occurs in 2026 or later, you’ll likely receive Form 1099-C ...

The Tax Court held that a married couple’s interest in their retirement account was not considered an asset for purposes of the cancellation-of-debt (COD) insolvency test, and thus the taxpayers could ...

The weight of carrying debt month after month can be extremely heavy, and, over time, it can have a real impact on your financial health. Whether it's from medical bills that piled up after an ...

For a number of years, taxpayers, the IRS and the courts have disagreed about the proper treatment of S corporations that have cancellation-of-debt (COD) income and are insolvent. Recently the U.S.