Cancellation-of-debt income
id:
cancellation-of-debt-income-258-484087
title:
Cancellation-of-debt income
text:
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences. Billions of dollars of cancelled debts will generate many unexpected tax bills, due to debt ca
brand slug:
wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Cancellation-of-debt_income
date created:
date modified:
2023-05-31T01:26:49Z
main entity:
{"identifier":"Q5031369","url":"https://www.wikidata.org/entity/Q5031369"}
image:
fields total:
13
integrity:
13