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Options for Taxes on cancelled debt

Posted on: 23rd Dec, 2008 01:33 pm
Lets discuss for example:
If a debt cancellation in 2009 is $180,000, and $83,000 can be exempted under the liquidity exemption, then $97,000 is considered taxable canceled debt . At a 25% tax bracket, the taxable amount due to the IRS in 2009 around $21,000. How would the government expect Americans to pay the IRS while they are trying to save their homes. What are the options. It seems to me that the Home for Home ownership programs and Fannie Mae regulators did not consider the impact canceled debt on America,ns. Your comments please.
Posted on: 23rd Dec, 2008 10:08 pm
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