Why Must File Past Years Taxes Online: Difference between revisions
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Revision as of 21:58, 4 February 2025
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Debt forgiveness, you see, is treated as taxable income. Why? In a nutshell, community gives you money and do not need pay it back, it's taxable. This is how have to pay taxes on wages after a job. Perhaps the reason that debt forgiveness is taxable is that otherwise, always be create a large loophole in tax mode. In theory, your boss could "lend" you money every 2 weeks, and at the end of the season they could forgive it and none of fascinating taxable.
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