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Doesn't the IRS consider settled debt as income? Did he have to report that?
by joezydeco 3y ago
Doesn't the IRS consider settled debt as income? Did he have to report that?
- jjoonathan 3y agoYes, but "defaulting on $100k as an income strategy" is a tier above the usual tax avoidance schemes in terms of risk, so I suspect he availed himself of those too and wound up paying very little tax on the $60k.