is debt reduction taxable

Nannies & Tax Deduction Write-Offs thumbnail

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Jan 24, 2012 . If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of .,,id=179414,00.html

Tax Topics - Topic 431 Canceled Debt Is it Taxable or Not?
Dec 22, 2011 . You must report the taxable amount of a taxable debt whether or not you . principal residence indebtedness," provides canceled debt tax relief .

Home Foreclosure and Debt Cancellation
Dec 11, 2008 . Debt reduced through mortgage restructuring, as well as mortgage debt . there is a cancellation of debt of $8000, which generally is taxable .,,id=174034,00.html

  1. Taxes Paid When Employing a Nanny

    • Debt Settlement Could Cost More Than You Think -
      Jul 9, 2010 . Debt settlement is a taxable event. Any forgiven balance that exceeds $600 is taxable income. Sometimes that tax event can put people in .

    Child Tax Credit or Dependent Care Account

    Employee Benefits

    • Canceled Debt & Mortgage Forgiveness
      Canceled debt on a main home may be tax-free, providing welcome tax relief to . Anytime a lender cancels or forgives debt, that is usually a taxable event.

      Is Forgiven Debt a Taxable Income?
      If you have had a debt settlement agreement with your debtors where they wrote off your debt, this automatically creates taxable income for you! According to .

    Avoiding Taxes

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