The IRS and state governments may consider forgiven debt, such as that resulting from debt settlement, as taxable income, requiring individuals to pay taxes on the forgiven amount unless they qualify for an exception or exclusion.

Authors

• Person: Not available Organization: Nolo
  Debt Consolidation v. Bankruptcy: Which is Better? - Nolo

Sources

• Debt Consolidation v. Bankruptcy: Which is Better? - Nolo www.nolo.com Nolo via serper

Referenced by nodes (1)

• debt settlement concept