Special Report on
Cancellation of nonrecourse debt
Cancellation of nonrecourse debt - Trends
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Despite recent murmurs that the recession may be easing its grip on the United States, debt continues to sap the financial strength of millions of families and businesses around the country. Home foreclosure is one of debt’s most wrenching symptoms. In August, according to RealtyTrac, foreclosure filings were reported on 358,471 properties. That number amounts to one of every 357 housing units in the country. There was a smidge of good news. Filings were down 1 percent from July. Still, there were 18 percent more than in August 2008. Meanwhile, August consumer bankruptcy filings totaled 119,874, an increase of 24 percent ...
Mr. Cool Weather, giving you all chilly news from many sources. Nikolai Tesla got screwed over for many years, now I make yellow rain for all. The general rule regarding cancellation of debt is that it is a taxable event. But there are some exceptions. The most common exceptions involve bankruptcy, the Mortgage Forgiveness Debt Relief Act (the “Act”), the insolvency provision, and certain farm ... Read More
SURVEY RESULTS FOR
CANCELLATION OF NONRECOURSE DEBT
Tax on Short Sale, Loan Modification and Foreclosure - Recourse vs Non-Recourse ...
Tax on Short Sale, Loan Modification and Foreclosure - 1099c Cancellation of Debt Income