Posted on: 20th Oct, 2010 11:01 am
if a company makes a single party release offer of 5,000 on a loan for 35,000 loan, leaving the other party with the remaining $30,000. Does the person released from the loan have to claim the remain balance as income on his taxes?
As you're released from the loan and you don't have to pay the rest of the amount, there are chances that it will be considered as your income. In my opinion, you should speak to a tax adviser and take his opinion in this regard.