Release of a debt without consideration by a creditor.
Related information about cancellation of debt:
- Cancellation of Debt (COD) Income - Wikipedia, the free encyclopedia
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as COD (Cancellation of Debt) Income. According ...
- Tax Topics - Topic 431 Canceled Debt – Is It Taxable or Not?
Nov 7, 2012 ... In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C (PDF), Cancellation of Debt, and ...
- Home Foreclosure and Debt Cancellation
Sep 6, 2012 ... If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.
- The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the ...
- Cancellation of Debt Income: How to Exclude from Gross Income ...
Apr 5, 2011 ... If you negotiated with a creditor to settle a debt, then you've received a Form 1099-C Cancellation of Debt in the mail. Here's the most important ...
- Cancellation Of Debt (COD) Definition | Investopedia
When a creditor forgives a debt without requiring consideration in return. The amount of debt that is forgiven by cancellation of debt is considered income to the ...
- Form 1099-C Cancellation of Debt
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 ...
- Vignette on Cancellation of Debt
This is designed to provide information and instruction for individuals who have received a Cancellation of Debt IRS 1099-C. If you have reached a compromise ...