Here's what you need to know about the Mortgage Forgiveness Debt Relief Act and how it can exempt you from paying taxes on canceled debt. RELATED: Mortgage Tax Deduction Options That You Should Know About A Guide to the Mortgage Forgiveness Debt Relief Act Step 1. Report Canceled Debt in Your Tax Return The IRS considers canceled debt as income. Therefore, it is taxable. … [Read more...]
Appealing Your Rejected Or Terminated IRS Installment Agreement
Was your IRS installment plan request rejected? Review how and where to begin appealing a rejected or terminated installment agreement request here. RELATED: IRS Installment Agreement Types | How Can It Help You In this article: Considering an IRS Installment Agreement for a Tax Debt What If I Owe Taxes and Can’t Pay? What Is an IRS Installment Agreement? … [Read more...]
How To Deal With The IRS Regarding Cancellation Of Debt
Were you aware that cancellation of debt may mean higher income taxes for you? Here's how to deal with it with the IRS. RELATED: FAQs On Tax Debt Relief Guide to Coordinating with the IRS for Cancellation of Debt 1. Understand How the IRS Considers Debt Cancelled What Is Cancellation of Debt? A debt is cancelled when a creditor decides to forgive a debtor’s tax liability … [Read more...]
How To Get Rid Of An IRS Tax Lien On Your Home
An IRS tax lien poses certain challenges to a taxpayer, but it's a problem that can be addressed through a variety of available legal options. RELATED: 9 Most Common Types Of Tax Liens The Definitive Guide to Removing an IRS Tax Lien from Your Property Step 1: Be in the Know: What an IRS Tax Lien Is About The IRS has systems in place to ensure that they are able to … [Read more...]
Should You Consider Filing For Bankruptcy?
Know what filing for bankruptcy is all about and what it entails in the article below. RELATED: Tax Relief For Deserving Americans | Do You Qualify? In this article: What Does It Mean to File for Bankruptcy? Is Filing for Bankruptcy Bad? How Does Filing for Bankruptcy Affect You? How Much Do You Have to Be in Debt to File a Chapter 7 Bankruptcy? Will a … [Read more...]