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Get your taxes done using TurboTax
@JumpinJohnny31 wrote:
it totals almost $20,000 and now I owe Fed/State tax over $5,000... this defeats the purpose of the forgiven debt!!!!
How does it defeat the purpose?
You owe $5,000 to the IRS now rather than $20,000 to the creditor, which means you saved yourself $15,000.
‎April 5, 2023
1:48 PM
625 Views