If you have a debt canceled, you'll probably need to include the canceled amount in your taxable income unless you qualify for an exception. One common exception is to claim insolvency -- that is, the ...

When debt is cancelled or discharged, the borrowed funds become taxable income, or cancellation of debt income (CODI). Some exceptions, such as bankruptcy and insolvency, apply but reduce other ...

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 characterization of debt as recourse (where the borrower is personally liable for repayment of the loan) or nonrecourse (where the lender's sole recourse is to its security) can have important ...

When debt is cancelled or discharged, the debt generally becomes taxable income, called cancellation of debt income. There are exceptions. One exception is qualified real property business ...

If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven ...

Gregory Argila/Accountant/Gregory Argila Tax & Accounting Services His Tip of the Day is to be knowledgeable about Cancellation of Debt Insolvency. Greg can be reached at 718-273-7400 732-740-7869 ...