The “once -in-a-lifetime ‘Pandemic’ hit just as many taxpayers were recovering from other financial upsets, from the “Great Recession” to natural disasters such as fires and hurricanes, millions of taxpayers have negotiated settlement of home mortgages and business debts of all kinds. Whether through bankruptcy, short sale, negotiated settlement, or even when a creditor just gives up trying to collect, the amount not paid might be taxable income. This course examines the conditions that make loan forgiveness taxable as well as those circumstances when all or part of the debt forgiven is not taxable.
