Forgiven Debt is Taxable Income

March 21, 2013
By Timothy McFarlin

Surprising news for many American consumers out there: Forgiven debt is taxable income! When you’re buried in debt, the one saving grace is often creditor settlement. Creditors are often willing to negotiate a significant discount on a debt when they know that a consumer is unable to pay in full. The rationale is that they [...]

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