One of life’s persistent gotcha’s is the tax consequence of having debt forgiven. Did you compromise a debt, eliminate it upon foreclosure, or have your creditor simply wipe it out without payment. You may have a tax problem. The tax code treats the forgiveness of debt as income, even though you never saw a penny […]
Five Tax Tips For Two Cents
The tax filing deadline approaches. So why is a bankruptcy lawyer talking about taxes? I’ve found over three decades as a bankruptcy lawyer that there’s a surprising degree of overlap between bankruptcy and tax . All too often, it’s tax troubles that brings a family to me for help. Here’s my two cents on what […]
