Margaret Brisbane-Gray California 0

Income Taxes on Debt Cancellation

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Margaret Brisbane-Gray California 0 Comments
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Mortgage companies that forgive debt due to modification is causing an issue with the borrower. This debt is now counted as income and it is money you have no access to. You may owe the mortgage company less but it is now a debt to the IRS. This presents a hardship on those that receive Social Security. This resolves one situation for another. This rule needs to be revised!

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