You probably already have an idea of what repossession means. It’s when you lost the collateral you put up to get a loan which can be things like a car, home, land, or personal...
Posted by JG Tax and Financial Services on 04/03/2020
If after negotiating a debt cancellation with a lender and you receive a Form 1099-C, in most cases you’ll have to report the amount on that form to the Internal Revenue Service...
Posted by John Pournaras Agency on 06/25/2019
By and large, debt that is canceled or forgiven by a moneylender is viewed as taxable earnings by the IRS and must be incorporated as salary on your return form. Instances include...
Posted by ERICHSEN KALLSEN & ASSOCIATES CPAS LLP on 03/08/2019
Everyone has a dream to have a house and they built it with utmost desires. However, when you need money then there are some important decisions which you have to make. When we talk...
Posted by Flynn Financial Group Inc on 01/09/2019
13.2.1 Canadian Taxation of Gains of Non-ResidentsCanada does not impose tax on gains from the disposition of property by a non-resident other than the disposition of taxable Canadian...
Posted by The Accounting and Tax on 10/22/2018
A lot of people worry about the fact of the cancellation of debt and when they get to know that it is not so hard, it surely makes them happy that they can be exempted from the matters...
Posted by Accounting Tax Service on 04/16/2018
Your tax preparer will tell you some important things you need to know about cancellation of debt or repossession of property. Undoubtedly, such an experience is filled with...
Posted by Niner's Accounting & Tax Services, LLC on 03/23/2018