Raelyn has been significantly affected by a downturn in the economy and has had several loans canceled

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Raelyn has been significantly affected by a downturn in the economy and has had several loans canceled or forgiven by the lender.

• Credit card debt forgiven of $$14,000$

• Auto loan forgiven of $$19,500$

• Loan from her brother forgiven of $$8,000$ due to his generosity

• Principal home mortgage forgiven by the bank of $$155,000$ Raelyn did not file for bankruptcy. How much of the above must she include in her taxable income?

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Raelyn must report as income the credit card debt forgiven of 14000 and the auto loan ...View the full answer

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