What Is Mortgage Forgiveness Debt Relief?
Normally, the cancellation of debt is a taxable event. This means that if a creditor forgives a debt, or accepts less than what is owed to them, they issue a 1099 and the Internal Revenue Service and Franchise Tax Board in California will consider the forgiven debt as income. Forgiven debt is considered income because you owed a certain amount, and now you don't have to pay it back, so you received a benefit from it.
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