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Bankruptcy

: The Debt Podcast

Debt Canceled v. Discharged: A Taxing Matter

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Under the US Bankruptcy Code, if a debt is discharged in a bankruptcy case, it does NOT count as taxable income.  Bankruptcy-discharged debt is, therefore, much more powerful than merely canceled debt.  While canceled debt usually creates an income tax liability, discharged debt does not. CANCELED DEBT SOUNDS GOOD We all know that [...]

Full post as published by The Debt Podcast on March 28, 2010 (boomark / email).

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