Forgiven Debt

Mortgage Forgiveness Debt Relief Act Qualifications

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted to help homeowners who restructured their loan. If a mortgage for your primary residence is cancelled or forgiven, you may be able to exclude that income from your year-end tax return. Read

Tax Implications for Cancellation of Student Debt

If your student loan was cancelled, the amount of the debt that was forgiven could be reported as taxable income and impact the amount of tax that you owe at the end of the year.  However, there is an exception.  If you filled out a loan provision

Excluding Forgiven Credit Card Debt from Taxable Income

If you had delinquent credit card accounts and negotiated a lower payoff amount, you are not necessarily in the clear. The portion of the debt that was forgiven may be reported as taxable income. There are a few ways of excluding forgiven credit card