Top Tax Questions & Answers
Some of the basics of Income Tax facts, if known, can help you to take a confident first step and make your financial lives easier. Understanding state tax laws is important when preparing your tax returns. Some questions which are frequently asked by the filers are discussed here to ease your responsibility.
Maybe you often wonder about the issue that whether cancellation of a debt would be considered as an income during the year when it happened. A waiver of certain debt may be allowed by your credit card issuer or in case of a student loan or when your house is foreclosed, or there could be many other numerous situations to name. Since you were supposed to pay that debt out of your income or have already set that debt amount and paid from some previous year's income, when such debt is waived by your creditor, that saving of expenses would be again construed as an income for that year and you will have the liability to pay tax on that amount forgone. One exception to this principle is relief under Mortgage Debt Relief Act.
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