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Watch Out for Tax Bills Delivered COD

March 1, 2023

Debtors typically experience a feeling of relief when a creditor agrees to forgive their debt. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called “cancellation of debt” (COD) income. Read on to… Read more »

Exceptions and Exclusions, Recourse vs. Nonrecourse Debt, Tax Treatment of Debt Forgiveness, Watch Out for Tax Bills Delivered COD