Tax guidance for debt cancellation, insolvency, consumer credit, and financial hardship situations.
Understand the tax implications of debt cancellation, insolvency, and financial hardship situations.
Cancellation of debt (COD) income, Form 1099-C, insolvency exclusion, bankruptcy exclusion, qualified principal residence exclusion, Form 982, and basis reduction rules.
Key Points:
Credit counseling, identity theft impact on credit, debt management strategies, and financial planning resources.
What to do if you can't pay your taxes: installment agreements, offer in compromise, currently not collectible status, and avoiding collection actions.
Facing financial challenges with tax implications? Contact us for guidance through your situation.