Some Homeowners, Sellers Get Break Under New Law (WAVY 10)

Story date: 2008-07-18 06:31:28
Added on: 2008-07-18 22:55:05

In most cases, debt foregiveness results in taxable income. If you owe $2,000 on a loan and the lender says "forget about it," you have to list that amount as income on your federal tax return.


Read more...

Related Stories:

• Forgiven debt still might haunt you as taxable income - Baltimore Sun

  Bills are piling up to the point where you dread opening your mailbox. If only your creditors would forgive your debt. Sometimes,...
  2008-04-27 09:44:00

• Debt-to-income Ratio –- It's Just As Important As Your Credit Score ... - Best Syndication

  Your debt-to-income ratio (DTI) is a simple way of calculating how much of your monthly income goes toward debt payments. Lenders use...
  2008-06-01 01:49:00

• Families spending half of income on debt - News.com.au

  1.3m households spend more than half of income on debt 1.8m spending more than 40pc of income on debt repayments Compare :...
  2008-05-07 04:42:00

• Newalta Income Fund Announces Strong First Quarter Results - CNW Group

  TSX Trading Symbol: NAL.UN CALGARY, May 6 /CNW/ - Newalta Income Fund ("Newalta" or the "Fund") today announced consolidated financial results for...
  2008-05-06 02:56:00

• Interstate Hotels & Resorts Reports Third-Quarter 2007 Results

  MSN MoneyCentral - ... of $114.4 million of senior debt and $57.5 million of non-recourse mortgage ... net income and Adjusted...
  2007-11-07 04:59:00

• Home Equity Income Trust Announces Third Quarter 2007 Financial Results (CNW Group via Yahoo! Finance)

  Home Equity Income Trust (TSX: HEQ.UN ), which pays cash distributions earned from a portfolio of reverse mortgages originated by Canadian...
  2007-11-06 03:00:00

• Home Equity Income Trust Announces Annual 2007 Financial Results (CNW Group via Yahoo! Finance)

  Home Equity Income Trust (TSX: HEQ.UN ), which pays cash distributions earned from a portfolio of reverse mortgages originated by Canadian...
  2008-03-07 03:00:00

• Tubbs Jones Supports Passage of Mortgage Forgiveness Debt Relief Act

  Forbes - Then they must pay tax on phantom income when the lender forgives some part of the homeowner's mortgage. "In my...
  2007-12-18 02:54:00