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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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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