A few weeks ago I posted an entry titled The Hidden Problems with Forgiven Credit Card Debt that explained how forgiven credit card debt is actually considered taxable income in the eyes of the IRS. In the entry I explained how this issue has created unnecessary financial hardship for many, and it looks like the issue is finally gaining more attention. Yesterday I came across an interesting study by Richard C.E. Beck of New York Law School via the Tax Professor. Beck’s publication is titled “The Tax Treatment of Cancelled Interest and Penalties on Consumer Debt” and it explains why forgiven debt is taxable, and what can be excluded. Check out the abstract below, or click here to download the full PDF.
Thursday, August 06, 2009
Credit Card Defaults Should Not Result in DOI Income
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