Some of us that settle our debt for less than what we owe will quickly learn that the IRS treats forgiven debt as taxable income. In the prior video I just published I talked about how some of us will be able to avoid that tax all together with IRS form 982: https://youtu.be/49cqm3KXL3U
In this video I talk about how those of us who will owe tax after settling can use a strategy where we do not have to pay the tax for a couple years!
Check out my article with additional resources about taxes on forgiven debt here: https://consumerrecoverynetwork.com/debt-forgiveness-taxes-settled-credit-card/
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.
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