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How some short sale sellers can end up paying taxes on canceled debt. Plain-language advice for owners doing a short sale on how to sidestep pitfalls and taxation from canceled debt or forgiven debt. ... Read Article

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When a lender cancels your debt, you may have to report this as taxable income on your federal income taxes, unless there is an exception. If you're required to report the cancelled debt, the lender will send IRS Form 1099-C to you. ... Read Article

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People who have lost their homes through foreclosure or who have restructured their mortgage loans may qualify for tax relief under the Mortgage Forgiveness Debt Relief Act. Individuals who qualify for this tax relief will need to use Form 982 to report the canceled debt. ... Read Article

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Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. ... Read Article

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CHAPTER 1
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Overview
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FOR EDITORIAL BACKGROUND
Drought Relief-- The Senate save consumers $11 million (Aug. 5-12, 2001 and Feb. 17-24, 2002); an $18 million expansion of the personal income-tax forgiveness program, Two or more counties are allowed to enter into a joint agreement to provide for an alternative form of tax collection ... Get Document

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Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as COD (Cancellation of Debt) Income. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. There are exceptions to this rule ... Read Article

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Conflicts In The Cross-border Enforcement Of Tax Claims
EU documents: Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of in the U.S. were not taxed in the U.S. for the relief from debt; C-70) (Part 1, "Amendments relating to debt forgiveness and foreclosure"). Security Bank of ... Retrieve Full Source

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