is debt reduction taxable

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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 .
http://www.irs.gov/individuals/article/0,,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 .
http://www.irs.gov/taxtopics/tc431.html

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 .
http://www.irs.gov/newsroom/article/0,,id=174034,00.html

  1. Taxes Paid When Employing a Nanny

    • Debt Settlement Could Cost More Than You Think - SmartMoney.com
      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 .
      http://www.smartmoney.com/spend/family-money/debt-settlement-could-cost-more-than-you-think-21442/

    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.
      http://taxes.about.com/od/income/qt/canceled_debt.htm

      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 .
      http://www.3debtconsolidation.com/forgiven-debt.html

    Avoiding Taxes

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