- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Basically, when a debt is forgiven in bankruptcy, the debt amount is considered as income to you. You will be required to report the amount on your return as income. I am not aware of any current tax exemptions available at this time.
The only option is to report the income and request a payment plan from the IRS for the tax due when filing your return.
‎June 1, 2019
3:33 PM