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Did you know that the IRS often considers canceled debt as taxable income? Yes, you read that right! If you've recently had a debt canceled or forgiven, remember that it might not be a total free pass. Why does this matter? Well, it means that come tax season, you may need to report this as income on your tax return. This can affect your taxable income and possibly your tax bracket, leading to unexpected tax liabilities. Here’s the breakdown: What counts? Most types of canceled debt, including c

Did you know that the IRS often considers canceled debt as taxable income? Yes, you read that right! If you've recently had a debt canceled or forgiven, remember that it might not

F & S Tax Service LLC.. F & S Tax Service LLC. · Original audio. Did you know that the IRS often considers canceled debt as taxable income? Yes, you read that right! If you've recently had a debt canceled or forgiven, remember that it might not be a total free pass. Why does this matter? Well, it means that come tax season, you may need to ...

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