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Aren't there tax implications for forgiving the debt?
by pfarnsworth 10y ago
Aren't there tax implications for forgiving the debt?
- zimpenfish 10y agoMaybe. "Topic 431 - Canceled Debt – Is It Taxable or Not?" https://www.irs.gov/taxtopics/tc431.html https://www.irs.gov/taxtopics/tc431.html
- nacs 10y agoYes there is, in the video, Oliver mentions how they hired a company that specializes in handling the tax implications so they wouldn't have to pay the full amount.