Posts Tagged ‘canceled debts’
Bad Debts Gone Wild: Part III, Business Debt
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In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usually quite complex and hard to [Read More]
1099-C & 1099-A: Bad Debts Gone Wild – Part I
The bleak economic environment over the past couple of years has resulted in a wave of credit defaults & foreclosures striking many individuals and small companies. In addition to dealing with stress and damaged credit scores, there is something even more sinister lurking [Read More]
So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 2)
Last week we talked about homeowner cancellation of debt tax issues. This week we’re going to talk about another tax consequence related specifically to home foreclosures. Did you know that the tax code treats losing a home to foreclosure as a sale and may result in a [Read More]
So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 1)
With unemployment rates Nationwide reaching 9.7% in June 2009, and here in Tampa bay area topping the charts this month at 10.4%, in combination with a dismal housing market many homeowners are facing the grim reality of being stuck between the proverbial rock and a hard [Read More]
