Dear Tax Talk,
I renegotiated loans on a second home and a rental property, and the bank reduced the amounts added to principal from negative amortization. The loans are still more than the original amount. I received a 1099-C. Is this actually taxable income to me?
— Bill
Dear Bill,
The IRS has never seen the level of (more…)
Posts Tagged ‘Paying’
Paying tax on canceled debt
Thursday, April 2nd, 2009Tags: canceled, debt, Paying
Posted in Today's stories | No Comments »