Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Hi my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.
Did you repay the balance of $322.06?
Based on the statement you should have reported cancellation of debt income of $322 on your tax return for 2015. Cancellation of debt income would be considered ordinary income unless an exclusion applied. Possible exclusion would be a bankruptcy or insolvency.
What is the form number that you received? So $492.50 was the amount that you owed?