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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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How much income tax would UI have to pay on $140,000.

Resolved Question:

How much income tax would UI have to pay on $140,000.
Submitted: 5 years ago.
Category: Tax
Expert:  Jax Tax replied 5 years ago.
What is the source of the income.
Customer: replied 5 years ago.
The source of income is the dept forgiven on my mortgage by the lender going into forclosre. Forgivin dept is taxable.
Expert:  Jax Tax replied 5 years ago.
Was the home the House you and your family lived in?
Jax Tax and 2 other Tax Specialists are ready to help you
Customer: replied 5 years ago.

Originally I baught it in 2005 lived in it for six months. Moved back to Maryland for employment. Rented it to tenants for five years. I refinanced it once to get a better interest reate did not take any money out.