Posted on: 12th Apr, 2011 08:50 am
we had a private mortgage with a family member. he forgave the balance of $20,000. What do I need to claim on our taxes?
Welcome tla,
The forgiven debt will be considered as your income by the IRS and thus, you'll be liable for paying income tax on that amount.
The forgiven debt will be considered as your income by the IRS and thus, you'll be liable for paying income tax on that amount.