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Barbara
Barbara, Enrolled Agent
Category: Single Problem
Satisfied Customers: 3294
Experience:  Tax Preparer for over 18 years; 25+ years experience as a real estate/corporate paralegal
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Which of these cancellations of debt would be includable

Customer Question

Which of these cancellations of debt would be includable income? Recourse debt. Nonrecourse debt. Debt cancellation intended to be a gift. Purchase price reduction.
Submitted: 1 year ago.
Category: Single Problem
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.
Recourse debt is treated as ordinary income and included in gross income.
Please let me know if you require further information or clarification.
Thank you and best regards,
Barb
Expert:  Barbara replied 1 year ago.
Just following up with you to see if you require further information or clarification. If so, please come back to me here. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb

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