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If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
Expect the bank to issue you a 1099 if your home has been forclosed on or short saled. Expect a 1099 if you filed for bankruptcy. A 1099 shows the dept that was either forgiven or canceled. Make sure you acknowledge this on your tax return in the year Read More...
Posted 29 January 10 09:09 by Dawn Rupersburg | 0 Comments   
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