3 ms·
Any "forgiven" principal also becones taxable as regular income that year (in the USA).
by masonic 8y ago
Any "forgiven" principal also becones taxable as regular income that year (in the USA).
- joecool1029 8y agoIt would seem that is not always the case: https://www.irs.gov/newsroom/home-foreclosure-and-debt-cancellation https://www.irs.gov/newsroom/home-foreclosure-and-debt-cance...
- masonic 8y agoThat expired in 2016.